工作论文 PAPERS
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On the Fragility of DeFi Lending
We develop a dynamic model of DeFi (decentralized finance) lending incorporat...
Jonathan Chiu, Emre Ozdenoren, Kathy Yuan, Shengxing Zhang
Working Paper | No. 20221102 |
Keywords: Decentralized finance, smart contracts, dynamic price feedback; financial fragility; ad-verse s
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Do Corporations Maximize their Own Value?
The first generic challenger to a branded drug tends to feature an investor b...
Martin Schmalz, Jin Xie
Working Paper | No. 20221101 |
Keywords: Ownership, corporate objective, corporate governance
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Financial Constraints, Cash Flow Timing Pattern, and Asset Prices
We show that firms collect more than 70% of their cash flow in the second hal...
Weiping Hu, Kai Li, Xiao Zhang*
Working Paper | No. 20220907 |
Keywords: Cash flows, Cash flow timing pattern, asset prices, equity financing costs
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Leasing as Capital Reallocation
In this paper, we argue that leasing is an important alternative way of capit...
Kai Li, Yiming Xu
Working Paper | No. 20220906 |
Keywords: Leased capital, collateral constraint, capital reallocation, cyclical pattern
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Faster Uniform Convergence Rates for Deconvolution Estimators From Repeated ...
Recently, Kurisu and Otsu (2022, Econometric Theory 38(1), 172-193) derived t...
Liang Chen, Mingyuan Zhang
Working Paper | No. 20220905 |
Keywords: Nonparametric deconvolution, Kotlarski’s identity, rate of convergence
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Financial Market Structure and Risk Concentration
We propose a framework that jointly determines bilateral trading networks and...
Briana Chang, Shengxing Zhang
Working Paper | No. 20220904 |
Keywords: Network, Over-the-Counter Market, Regulations
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Bond Default Matters in China: Evidence from Illiquidity Premium
This paper studies how market-wide credit risk affects the liquidity pricing ...
Haoyu Gao, Dapeng Hao, Dun Jia, Zhigang Qiu
Working Paper | No. 20220903 |
Keywords: Default events, credit spread, illiquidity premium, flight-to-liquidity
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Non-Standard Choice in Matching Markets
We explore the possibility of designing matching mechanisms that can accommod...
Gian Caspari, Manshu Khanna
Working Paper | No. 20220902 |
Keywords: Matching theory, market design, stability, college admissions market
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Beyond Dividing the Pie: Multi-Issue Bargaining in the Laboratory
We design a laboratory experiment to study bargaining behavior when negotiati...
Olivier Bochet, Manshu Khanna, Simon Siegenthaler
Working Paper | No. 20220901 |
Keywords: Negotiation scope, asymmetric information, bundling, alternating offers, value creation
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Price Rigidities and the Value of Public Information
AbstractFirms’ inflexibility in adjusting output prices to economic sho...
Lifeng Gu, Jin Xie
Working Paper | No.20220708 |
Keywords: Nominal Rigidities, Information Frictions, Public Information, Capital-Market Efficiency