Working Papers - Peking University HSBC Business School(PHBS)

Asymmetric Peer Effects in Capital Structure Dynamics

Using a semi-parametric smooth-coefficient partial adjustment model, we find evidence for asymmetric peer effects on capital structure adjustment speeds for overlevered and underlevered firms

Hyun Joong Im, Kose John, Ya Kang

Working Paper | No. 2015007 |

Keywords: Peer effects, Capital structure, Speed of adjustment, Leverage dynamics

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Does Ownership Matter in the Selection of Service Providers?Evidence from Nursing Home Consumer Surveys

This study considers the role of ownership in consumer choice of service providers in mixed-ownership industries

Avner Ben-Ner, Darla J. Hamann and Ting Ren

Working Paper | No. 2015006 |

Keywords: Ownership, Service providers, Nursing Home Consumer Surveys

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Does Share Liquidity Increase the Propensity to Raise Debt Finance?

This study investigates the relation between market liquidity of firms’ shares and their propensity to raise debt in funding large investment requirements

Hyun Joong Im

Working Paper | No. 2015005 |

Keywords: Share liquidity, Debt finance, Investment spikes, Information spillover

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Determinants of Investment Spike Financing

This study investigates how firms meet exceptional financing needs at the time of “investment spikes” or years with unusually large investment programs, and finds that the financing of investment during an investment spike differs from that at other

Hyun Joong Im

Working Paper | No. 2015004 |

Keywords: Capital structure, Financing patterns, Lumpy investment, Investment spikes

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Measuring financial fragility in China

This paper proposes the metric for a financial fragility index for Chinese banking sector This metric is a weighted average of two variables: multiple probability of default and bank profitability

Kwangwon Ahn, Jacqueline Dai, Chansoo Kim, Dimitrios Tsomocos

Working Paper | No. 2015003 |

Keywords: Chinese economy, Financial fragility, Insolvency risk

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Income attraction: An online dating field experiment

We measured gender differences in preferences for mate income ex-ante to interaction (“income attraction”) in a field experiment on one of China’s largest online dating websites

David Ong, Jue Wang

Working Paper | No. 2015002 |

Keywords: Online dating, Field experiment, Gender differences, Matching, Marriage

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Cash-in-Advance framework against the Quantity Theory of Money

This article revisits the Lucas illustration of the Quantity Theory of Money (QTM) and investigates whether it holds in the US monetary market

Kwangwon Ahn, Daeyong Lee

Working Paper | No. 2015001 |

Keywords: Cash-in-Advance, Default, Financial Intermediary, Quantity Theory of Money

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Monetary Uncertainty and Default

We investigate the effects of monetary uncertainty on the aggregate economy, especially default

Kwangwon Ahn, Chansoo Kim, Dimitrios Tsomocos, Lucy Wang

Working Paper | No. 2014006 |

Keywords: Default, Monetary policy, Uncertainty shock

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Income Tax Evasion and Optimal Income Taxation

This paper characterizes an optimal nonlinear income tax that incorporates individualsdecisions regarding tax evasion and labor supply and an optimal rate of tax enforcement when implementing tax code is costly

Insook Lee

Working Paper | No. 2014005 |

Keywords: Tax evasion, Optimal nonlinear income tax, Effect of tax rate on tax evasion, Effect of enforcement rate on tax

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Borrowing from the Future: 401(k) Plan Loans and Loan Defaults

Most active 401(k) participants have the option of borrowing from their retirement accounts, and many people - 40%- do so over a five-year period

Jun Lu, Olivia S. Mitchell, Stephen P. Utkus, Jean A. Young

Working Paper | No. 2014004 |

Keywords: 401(k) loans, Retirement wealth, Household debt, Loan default, Consumption

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