2018-Peking University HSBC Business School(PHBS)

Costly Long-Short Strategies under Short-Sale Constraints: Chinese Evidence

Long-short portfolios based on market anomalies are subject to ubiquitous short-sale constraints

Timothy (Jun) Lu, Jinjuan Ren, Yan Zhao

ARTICLE | International Review of Finance |No. 4, Vol. 18, 2018

Keywords: Anomalies, Short-sale constraint, Shorting cost, China

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Stock liquidity and corporate diversification: Evidence from China’s split share structure reform

We establish that stock liquidity is conducive to less corporate diversification Two potential channels are identified: the financial constraint channel and the corporate governance channel

Lifeng Gu, Yixin Wang, Wentao Yao, Yilin Zhang

ARTICLE | Journal of Empirical Finance |Vol. 49, 2018

Keywords: Stock liquidity, Corporate diversification, Financial constraintAgency problem, Corporate governance, Split share structure reform, China

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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,Ting Ren

ARTICLE | Nonprofit and Voluntary Sector Quarterly |No. 6, Vol. 47, 2018

Keywords: Asymmetric information, Consumer choice, Search, Ownership, Nursing home

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Real Estate Soars and Financial Crises: Recent Stories

This paper studies the contribution of real estate bubble to a financial crisis

Hanwool Jang, Yena Song, Sungbin Sohn*,Kwangwon Ahn*

ARTICLE | Sustainability |Vol. 10, 2018

Keywords: Financial crash, Real estate bubble, Stock market

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Inefficiencies and Externalities from Opportunistic Acquirers

If opportunistic acquirers can buy targets using overvalued shares, then there is an inefficiency in the merger and acquisition (M&A) market: the most overvalued rather than the highest-synergy bidder may buy the target

Di Li, Lucian Taylor, Wenyu Wang

ARTICLE | Journal of Financial Economics |Vol. 130. 2018

Keywords: Mergers and acquisitions, Structural estimation, Misvaluation, Inefficiency, Externality

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Evaluation of the environmental impact assessment (EIA) of Chinese EIA in Myanmar: Myitsone Dam, the Lappadaung Copper Mine and the Sino-Myanmar oil and gas pipelines

The economic relationship between China and Myanmar is regarded as a win–win cooperation

Thiri Shwesin Aung , Luan Shengji & Sharon Condon

ARTICLE | Impact Assessment and Project Appraisal |No. 1, Vol.37, 2019

Keywords: Environmental impact assessment, Chinese EIA, Natural resources, Hydropower Dam, Copper Mine, Oil and Gas Pipelines, Myanmar

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Surplus-Invariant, Law-Invariant, and Conic Acceptance Sets Must Be the Sets Induced by Value at Risk

The regulator is interested in proposing a capital adequacy test by specifying an acceptance set for firms capital positions at the end of a given period

Xuedong He, Xianhua Peng

ARTICLE | Operations Research |No. 5, Vol. 66, 2018

Keywords: Capital adequacy tests, Value-at-risk, Surplus-invariance, Conicity, Positive homogeneity, Numeraire-invariance

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Forecasting Financial Crashes: Revisit to Log-Periodic Power Law

We aim to provide an algorithm to predict the distribution of the critical times of financial bubbles employing a log-periodic power law

Bingcun Dai, Fan Zhang, Domenico Tarzia, Kwangwon Ahn

ARTICLE | Complexity |2018

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Modeling GDP Fluctuations with Agent-Based Model

This paper offers a new approach to calibrating parameters of an agent-based model

Zhuang Chu, Biao Yang, Chang Yong Ha*, KwangwonAhn

ARTICLE | Physica A |Vol.503,2018

Keywords: GDP fluctuation, Agent-based model, Analytical solution

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Enhanced Special Drawing Rights: How China Could Contribute to a Reformed International Monetary Architecture

Since the end of the Bretton Woods era, the world has operated on a de facto system of free-floating exchange rates, with the US dollar as the dominant international currency

Geng Xiao, Matthew Harrison

ARTICLE | China & World Economy |Vol. 26, 2018

Keywords: Imbalances, International monetary architecture, monetary stability, Reform, Special Drawing Rights

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