工作论文 PAPERS
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Asset Pricing with Misallocation
Misallocation reduces total factor productivity and economic growth, implying...
Winston Wei Dou, Yan Ji, Di Tian, Pengfei Wang*
Working Paper | No. 20210504 |
Keywords: Agency conflicts, distribution of firms, financial frictions, misallocation, endogenous growth,
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Firms’ Capital Structure Choices and Endogenous Dividend Policies
We analyze capital structure dynamics of publicly held firms within the conte...
Hursit Selcuk Celil*, Mengyang Chi
Working Paper | No. 20210503 |
Keywords: Cash flow identity, capital structure, dividend policy
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The Role of Information in the Rosen-Roback Framework
In this paper, we relax the underlying assumption of complete information in ...
Xuwen Gao*, Ran Song, Christopher Timmins
Working Paper | No. 20210502 |
Keywords: Information, Rosen Roback Theory, wage-hedonic model, compensating differential
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Policy Uncertainty and Peer Effects: Evidence from Corporate Investment in Ch...
This study investigates whether economic policy uncertainty (EPU) magnifies p...
Hyun Joong Im, Jane Liu, Young Joon Park*
Working Paper | No. 20210501 |
Keywords: Corporate investment policy, peer effects, economic policy uncertainty, underin-vestment, infor
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Limited Risk Sharing in the Great Recession
Firms may want to diversify earnings risk for workers However, firms themselv...
Yicheng Wang
Working Paper | |No. 20210307
Keywords: Firm insurance, dynamic contracts, search and matching, financial frictions, distributional imp
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Income Volatility and Portfolio Choices
Based on administrative data from Statistics Norway, we find economically sig...
Yongsung Chang, Jay H. Hong, Marios Karabarbounis, Yicheng Wang, Tao Zhang
Working Paper | |No. 20210306
Keywords: Income volatility, portfolio choice, risky share
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Quality Signaling through Crowdfunding Pricing
Problem definition: This paper studies an entrepreneur’s pricing strategy in...
Ehsan Bolandifar, Zhong Chen, Panos Kouvelis, Weihua Zhou
Working Paper | |No. 20210305
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Venture Capital Coordination in Syndicates, Corporate Monitoring, and Firm Pe...
This paper examines how the coordination of venture capital (VC) investors in...
Jun-Koo Kang, Yingxiang Li, Seungjoon Oh
Working Paper | |No. 20210304
Keywords: Venture capital, geographic concentration, coordination, monitoring, exit, staged financing, bo
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Co-Movement of Steady-State Government Debt and Household Debt
To understand whether and how movements of government debt and household debt...
Insook Lee
Working Paper | |No. 20210303
Keywords: Government debt, household debt, co-movement, uninsurable income risk
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Downward Wage Rigidity, Corporate Investment, and Firm Value
Firms reduce investment when facing downward wage rigidity (DWR), the inabili...
DuckKi Cho
Working Paper | |No. 20210302
Keywords: Downward wage rigidity, corporate investment, minimum wage laws, theory of second best