工作论文 PAPERS
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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
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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
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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
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On the Fragility of DeFi Lending
We develop a dynamic model of DeFi (decentralized finance) lending incorporating the following key features: 1) bo
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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
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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 half of the year We also find tha
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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
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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 the uniform convergence rates for the
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Financial Market Structure and Risk Concentration
We propose a framework that jointly determines bilateral trading networks and risk allocation between banks Banks
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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 in the bond market With the emergin