工作论文 PAPERS
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Affirmative Action in Two Dimensions: A Multi-Period Apportionment Problem
In many settings, affirmative action policies apply simultaneously at two lev...
Haydar Evren, Manshu Khanna
Working Paper | No. 20230102 |
Keywords: Affirmative Action, Apportionment, Market Design, Rounding Problem
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Taxation and Entrepreneurship in the United States
This paper studies the effects of income taxation on entrepreneurship, empiri...
Hans A. Holter, Serhiy Stepanchuk, Yicheng Wang
Working Paper | No. 20230101 |
Keywords: Entrepreneurship, Taxation, Tax Progressivity, Business Risk, Insurance
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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
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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 2...
Chaohui Chen, Chen Lin, Yuchen Xu, Linlan Yang
Working Paper | No. 20221105 |
Keywords: Valuation Adjustment Mechanism (VAM), Mergers and Acquisitions (M&A), Myopia
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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 aggrega...
Erica Xuenan Li, Jin Xie, Ji Zhang
Working Paper | No. 20221104 |
Keywords: Nominal Rigidities, Financial Accelerator, New Keynesian Models, Earn-ings Misstatement, Sarban
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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
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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