Kuo-Ping Chang, National Tsing Hua University
Wednesday, March 29, 2017 | 2:00pm-3:30pm | Room 335, HSBC Business School Building
By using the binomial option pricing model, this paper proves that with no arbitrage and no transaction costs...
Keywords: The arbitrage theorem, Capital structure irrelevancy
Shenghao Zhu, National University of Singapore
Monday, March 27, 2017 | 3:30pm-5:00pm | Room 331, HSBC Business School Building
We investigate the rapid growth in the dispersion of housing prices across metropolitan statistical areas (MSAs) in the United States during 1975-2007...
Keywords: The cross-sectional dispersion of housing prices, Excessive dispersion, Bubbles
Mathew Hayward, Monash University
Monday, March 27, 2017 | 2:00pm-3:30pm | Room 333, HSBC Business School Building
At small and medium sized enterprises (SMEs), cash-strapped employees frequently request loans from employers because they cannot obtain money on reasonable terms elsewhere for exigent needs...
Keywords: Employer loan choices
Wednesday, March 22, 2017 | 4:00pm-5:30pm | Room 337, HSBC Business School Building
This paper presents a dynamic Hechscher-Ohlin model that can discuss the effects of a permanent shock such as a tariff cut on structural changes and current account balance We make three contributions...
Keywords: Trade reform, Dynamic H-O model, Current account imbalance, Capital flow
Relative Value Hedge Funds: A Quantitative Modelling of Financial, Economic, and Statistical Risk Factors
Mick Swartz, University of Southern California
Wednesday, March 22, 2017 | 2:00pm-3:30pm | Room 337, HSBC Business School Building
This paper has three contributions to the literature First, it analyzes the risk characteristics for 11 Relative Value hedge fund strategies...
Keywords: Relative value, Hedge fund, Factor models, Risk factors, Macroeconomic indicators
Naohiko Ijiri, Nihon University
Monday, March 20, 2017 | 2:00pm-3:30pm | Room 337, HSBC Business School Building
The WTO TBT agreement has been promoting a harmonisation of national standards with relevant international standards worldwide since 1995 Such a harmonisation of the standards may reduce trade costs stem from the differences between national standards...
Keywords: International standards, Harmonisation, Mandatory statutes, International trade
Zhangkai Huang, Tsinghua University
Tuesday, March 14, 2017 | 2:00pm-3:30pm | Room 337, HSBC Business School Building
Hayek (1945) argues that local information is a key to understanding the efficiency of alternative economic systems and whether production should be centralized or decentralized...
Keywords: Local information, Commanding heights, Decentralization, Hayek
Xiao Qiao, SummerHaven Investment Management
Monday, March 13, 2017 | 4:00pm-5:30pm | Room 337, HSBC Business School Building
Commonality in idiosyncratic volatility cannot be completely explained by time-varying volatility After removing the effects of time-varying volatility, idiosyncratic volatility innovations are still positively correlated...
Keywords: Volatility, GARCH models, Cross-section of stock returns, Idiosyncratic risk
Why is local governments’ land supply curve vertical in Public Land Ownership Regime? A Theoretical analysis and an empirical investigation of Chinese Cities (2003-11)
Yiu Por Chen, City University of Hong Kong
Wednesday, March 8, 2017 | 2:00pm-3:30pm | Room 329, HSBC Business School Building
This paper examines the land supply function of local governments with a limited term of office...
Keywords: Land supply, Finance in urban economics, Local government finance
David Ong, PHBS
Wednesday, March 1, 2017 | 2:00pm-3:30pm | Room 335, HSBC Business School Building
Couple’s heights tend to match However, whether such matching is for the sake of height or the many desirable traits associated with stature (e g , income) is unclear...
Keywords: Tradeoff, Spousal income, Spousal height
Improving Investor- Investee Matches with Regulation: Evidence from the Orphan Drug Act & Global Biotechnology Industry
Yujin Kim, ShanghaiTech University
Wednesday, February 22, 2017 | 2:00pm-3:30pm | Room 335, HSBC Business School Building
Venture capitalists (VCs) ideally like to invest in innovations at a nascent stage but this is inherently incorporated with huge risks (Ruhnka and Young 1991, Gompers 1995)...
Keywords: Venture capital, Entrepreneurial finance, Innovation, Valuation problem, Early-stage ventures, Biotechnology & pharmaceuticals
Daeyong Lee, PHBS
January 13, 2017 | 12:00pm - 1:00pm | Room 763, HSBC Business School Building
This article examines the effects of the health insurance coverage mandate for dependents on household financial portfolio decisions by focusing on the Affordable Care Act (ACA) of 2010...
Keywords: Impact of the Dependent Coverage Mandate on Household Financial Portfolio
Mick Swartz, University of Southern California
Tuesday, January 10, 2017 | 2:00pm-3:30pm | Room 335, HSBC Business School Building
This paper models the timing of Activist returns using a Stackelberg equilibrium...
Keywords: Hedge fund activism, Stackelberg equilibrium, Corporate governance, Economic state
FDI, Trade Credit, and Transmission of Global Liquidity Shocks: Evidence from Chinese Manufacturing Firms
Haichun Ye, Fudan University
Tuesday, January 3, 2017 | 2:00pm-3:30pm | Room 329, HSBC Business School Building
We empirically explore a trade credit channel through which FDI firms can propagate global liquidity shocks to the host country despite its tight controls on portfolio flows...
Keywords: FDI, international transmission of financial shocks, trade credit