工作论文 PAPERS
-
Peer Pressure and Moral Hazard: Evidence from Retail Banking Investment Advis...
It is generally believed that pressure from peers induces employees to improv...
Chen Lin, Chenhao Wang, Yuchen Xu, Ting Zhang
Working Paper | No. 20221106 |
Keywords: Peer pressure, Moral hazard, Retail investment advisor
-
Over-Commitment in M&A Valuation Adjustment Mechanism Agreements
AbstractWith hand-collected data on Chinese M&A agreements between 2010 and 2...
Chaohui Chen, Chen Lin, Yuchen Xu, Linlan Yang
Working Paper | No. 20221105 |
Keywords: Valuation Adjustment Mechanism (VAM), Mergers and Acquisitions (M&A), Myopia
-
The Impact of Securities Regulation on New Keynesian Firms
This paper describes a new fact and then analyzes its implication for aggrega...
Erica Xuenan Li, Jin Xie, Ji Zhang
Working Paper | No. 20221104 |
Keywords: Nominal Rigidities, Financial Accelerator, New Keynesian Models, Earn-ings Misstatement, Sarban
-
Migration, Tariffs, and China’s Export Surge
We build a multi-sector spatial general equilibrium model that features heter...
Chen Liu, Xiao Ma
Working Paper | No. 20221103 |
Keywords: International trade, tariffs, labor-market adjustments, migration, firm loca-tion choices
-
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
-
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
-
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
-
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
-
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
-
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