工作论文 PAPERS
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Bargaining and Dynamic Competition
Industries with significant scale economies or learning-by-doing may come to ...
Shanglyu Deng, Dun Jia, Mario Leccese, Andrew Sweeting
Working Paper | No. 20240601 |
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Fare Structure and the Demand for Public Transit
We study fare structure design and public transit use Leveraging a fare rise ...
Yizhen Gu, Qu Tang, Yacan Wang, Ben Zou*
Working Paper | No. 20240302 |
Keywords: public transit, demand for travel, price elasticity
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Managerial Incentives in the Mutual Fund Industry
The domain of mutual fund management is characterized by an array of incentiv...
Linlin Ma, Yuehua Tang, Yuan Wang
Working Paper | No. 20240301 |
Keywords: mutual funds, managerial incentives, fund managers, fund families, flow-performance relationshi
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Banking Innovations in China: Evidence and Welfare Implications
Understanding the impacts of new technology and innovations on the banking se...
Yicheng Wang, Zhiwei Xu, Weimin Zhou
Working Paper | No. 20231106 |
Keywords: banking innovations, bank risk-taking, welfare effects, general equilibrium
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Leasing, Pecuniary Externality, and Aggregate Efficiency
Firms frequently lease capital, as indicated by the data; however, the impact...
Kai Li, Yicheng Wang, Yiming Xu
Working Paper | No. 20231105 |
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Learning, Price Discovery, and Macroeconomic Announcements
We document that the duration of investors’ information processing time im...
Haozhe Han, Grace Xing Hu, Calvin Dun Jia
Working Paper | No. 20230302 |
Keywords: Learning, Macroeconomic announcements, Price informativeness, Market efficiency
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Quantifying the Macroeconomic Impact of Credit Expansions
Although the literature has emphasized different channels through which chang...
Corina Boar, Matthew Knowles, Kjetil Storesletten, Yicheng Wang
Working Paper | No. 20231103 |
Keywords: Credit Market Deregulation, Credit Market Friction, Macroeconomic Impact, Heterogenous Firm, Ne
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Spatial Search
This paper considers a random search model where some locations provide selle...
Xiaoming Cai, Pieter Gautier, Ronald Wolthoff
Working Paper | No. 20231102 |
Keywords: search frictions, spatial equilibrium, sorting
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Search, Screening and Sorting
We examine how search frictions impact labor market sorting by constructing a...
Xiaoming Cai, Pieter Gautier, Ronald Wolthoff
Working Paper | No. 20231101 |
Keywords: sorting, complementarity, search frictions, information frictions, heterogeneity
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Leasing and the Idiosyncratic Volatility Puzzle
Our study elucidates the idiosyncratic volatility puzzle, the observed negati...
Kai Li, Kaihong Song
Working Paper | No. 20230902 |
Keywords: idiosyncratic volatility; financial constraint; leased capital; cross-section of expected retur