2017-Peking University HSBC Business School(PHBS)

Modeling Stock Return Distributions with A Quantum Harmonic Oscillator

We propose a quantum harmonic oscillator as a model for the market force which draws a stock return from short-run ﬂuctuations to the long-run equilibrium

Kwangwon Ahn, Mu Young Choi*, Bingcun Dai, Sungbin Sohn, Biao Yang

ARTICLE | Europhysics Letters |Vol.120, 2017

Keywords: Fokker Plank equation; Quantum harmonic oscillator; Stock return distribution

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Significance Test in Nonstationary Multinomial Logit Model with Seriality Correlated Dependent Variable

We derive the asymptotic distribution of the overall significance LM test in logit panel models with nonstationary covariates when the binary dependent variable is serially correlated

Chu,C.S*., Nan Liu, Lina Zhang

ARTICLE | Economics Letters |Vol.159,2017

Keywords: Nonstationary panel logit, Serial correlation

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The Impact of Maternal Employment on Children's Adiposity: Evidence from China's Labor Policy Reform

China has experienced a rapid growth in childhood adiposity in recent years

Qing Wang, Young Jo

ARTICLE | Health Economics |Vol.26, 2017

Keywords: Maternal employment, Children’s adiposity

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City-level Political Uncertainty and City-Level IPO Activities

Based on the unique city-level politician turnover data between 1999 and 2012 in China, we document that the number of IPOs at the city level decreases during the city-level politician turnover period

Danglun Luo*, Naqiong Tong, Guoman She

ARTICLE | Accounting and Finance |Vol.57, 2017

Keywords: Political uncertainty, Political turnover; IPO, Government intervention, Firm performance

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Tax Avoidance and Cost of Debt: Evidence from a Natural Experiment in China

This study examines the impact of tax avoidance on the cost of debt using a natural experiment in China

Wei Cen*, Naqiong Tong, Yushi Sun

ARTICLE | Accounting & Finance |Vol.57, 2017

Keywords: Bond market regulation; Cost of bond; External governance; Tax avoidance

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An Examination of the Statistical Significance and Economic Relevance of Profitability and Earnings Forecasts from Models and Analysts

In this paper, we propose and empirically test a cross-sectional profitability forecasting model which incorporates two major improvements relative to extant models

Mark E. Evans, Kenneth Njoroge, Kevin Ow Yong

ARTICLE | Contemporary Accounting Research |Vo. 34, 2017

Keywords: Statistical significance

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CEO Personal Investment Decisions and Firm Risk

We develop a novel method of measuring CEO risk preference based on their personal allocation of deferred compensation funds, and find CEOs holding more volatile deferred compensation portfolios lead riskier firms

Wei Cen*, John A. Doukas

ARTICLE | European Financial Management |Vol. 23, 2017

Keywords: CEO deferred compensation, CEO risk preferences, financial crisis, Firm risk, Inside debt

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Relative Effects of Forward and Backward Planning on Goal Pursuit

Considerable research has shown that planning plays an important role in goal pursuit But how does the way people plan affect goal pursuit?

Jooyoung Park*, Fang-Chi Lu, and William M. Hedgcock

ARTICLE | Psychological Science |Vol. 28, 2017

Keywords: Order of planning, Goal pursuit, Time pressure, goal expectancy, Motivation, Open materials

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Sticky Dividends: A New Explanation

This study proposes a generalized partial adjustment model of dividends in which managers set target dividends based on adaptively-formed earnings prospects

Chang Yong Ha, Hyun Joong Im*, Ya Kang

ARTICLE | Finance Research Letters |Vol. 23, 2017

Keywords: Payout policy, Speed of adjustment, Dividend dynamics, Adaptive expectations

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The Impact of Pay-for-Performance Perception and Pay Level Satisfaction on Employee Work Attitudes and Extra-role Behaviors: An Investigation of Moderating Effects

Results show that PFP perception and pay level satisfaction are significant predictors of work attitudes and extra-role behaviors

Ting Ren, Ruolian Fang, Zhen Yang

ARTICLE | Journal of Chinese Human Resource Management |Vol. 8, 2017

Keywords: Motivation, Perception, Attitudes, Pay policies

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