工作论文 PAPERS
-
Affirmative Action in Two Dimensions: A Multi-Period Apportionment Problem
In many settings, affirmative action policies apply simultaneously at two levels, for instance, at university and
-
Taxation and Entrepreneurship in the United States
This paper studies the effects of income taxation on entrepreneurship, empirically and in astructural macro model
-
Peer Pressure and Moral Hazard: Evidence from Retail Banking Investment Advis...
It is generally believed that pressure from peers induces employees to improve their efficiency and performance, b
-
Over-Commitment in M&A Valuation Adjustment Mechanism Agreements
AbstractWith hand-collected data on Chinese M&A agreements between 2010 and 2019, this paper reveals that some tar
-
The Impact of Securities Regulation on New Keynesian Firms
This paper describes a new fact and then analyzes its implication for aggregate fluctuations: sticky-price firms o
-
Migration, Tariffs, and China’s Export Surge
We build a multi-sector spatial general equilibrium model that features heterogeneous firms and workers location choices to
-
On the Fragility of DeFi Lending
We develop a dynamic model of DeFi (decentralized finance) lending incorporating the following key features: 1) bo
-
Do Corporations Maximize their Own Value?
The first generic challenger to a branded drug tends to feature an investor base that has substantial stakes in
-
Financial Constraints, Cash Flow Timing Pattern, and Asset Prices
We show that firms collect more than 70% of their cash flow in the second half of the year We also find tha
-
Leasing as Capital Reallocation
In this paper, we argue that leasing is an important alternative way of capital reallocation We propose a broader measure of capital reallocation, which not only includes asset purchase and sale, but also considers lease Empirically, we show that the