工作论文 PAPERS
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The Allocation of Talent and Financial Development, 1897 to 1936
We examine how the supply of talent affected financial development, based on ...
Chen Lin, Chicheng Ma, Yuchen Sun, Yuchen Xu
Working Paper | No. 20210702 |
Keywords: Allocation of talent, human capital, modern banks, financial development, China, civil examinat
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Partisan Depositor Responses to a Currency Shock
Depositor responses to a large currency shock vary depending on political vie...
Xiaoyang Gao, Chen Lin, Vesa Pursiainen, Yuchen Xu
Working Paper | No. 20210701 |
Keywords: Currency shock, household behavior, bank deposits, exchange rate risk
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Estimation of a Structural Break Point In Linear Regression Models
This study proposes a point estimator of the break location for a one-time st...
Yaein Baek*
Working Paper | No. 20210510 |
Keywords: Change point, parameter instability, structural change
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Q-Theory of Investment Revisited: Merton's q
An option pricing framework is utilized to estimate firms’ market value...
Hursit Selcuk Celil*, Mengyang Chi
Working Paper | No. 20210509 |
Keywords: Investment, Tobin’s
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Leave-One-Out Least Square Monte Carlo Algorithm for Pricing American Options
The least square Monte Carlo (LSM) algorithm proposed by Longstaff and Schwar...
Jeechul Woo, Chenru Liu, Jaehyuk Choi*
Working Paper | No. 20210508 |
Keywords: American option, Least square Monte Carlo, Look-ahead bias, Leave-one-out-crossvalidation
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The Financial Value of the Within-government Political Network: Evidence from...
This paper examines the effect of the political network of Chinese municipal ...
Jaehyuk Choi, Lei Lu, Heungju Park, Sungbin Sohn*
Working Paper | No. 20210507 |
Keywords: Political network, guanxi, local government financing vehicles, municipal corporate bonds, cred
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The Effect of Institutional Investor Portfolio Diversification on Corporate D...
Do institutional investors’ portfolio diversification strategies reveal...
Audra L. Boone, Hursit S. Celil, Seungjoon Oh, Srinivasan Selvam
Working Paper | No. 20210506 |
Keywords: Institutional ownership, indexing, portfolio diversification, corporate diversification, produc
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Investment Sensitivity to Lender Default Shocks
We investigate how idiosyncratic lender shocks impact corporate investment Le...
Hursit S. Celil, Brandon Julio*, Srinivasan Selvam
Working Paper | No. 20210505 |
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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