2020-Peking University HSBC Business School(PHBS)

How Do Markets Value Stock Liquidity? Comparative Evidence from the UK, the US, Germany and China

We examine the relationship between stock liquidity and returns before, during and after the 2007–2009 financial crisis

Guy Liu, Andros Gregorious*, Yibo Bo

ARTICLE | Economics Letters |Vol. 186, 2020

Keywords: Stock returns, Amihud ratio, German stock market, UK stock market, US stock market, China stock market

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Effects of customer industry competition on suppliers: Evidence from product market competition shocks

We examine the effect of increased customer industry competition on relationships with suppliers, using exogenous variation in industry-level tariffs

Srinivasan Selvam

ARTICLE | Journal of Banking & Finance |Vol. 114, 2020

Keywords: Product market competition, Import competition, Customer-supplier relationship, Firm performance, Financial constraint

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Accounting for the Corporate Cash Increase

Why do U S firms hold much more cash now than they did 40 years ago? I construct a partial equilibrium model of firm dynamics where cash provides a buffer against persistent and transitory cash flow shocks in the presence of costly external finance

Jake Zhao

ARTICLE | European Economic Review |Vol. 123, 2020

Keywords: Cash increase, Revenue-expense correlation decrease, Transitory shocks,Negative cash flows,Precautionary savings

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BitMEX Bitcoin Derivatives: Price Discovery, Informational Efficiency and Hedging Effectiveness

BitMEX is the largest unregulated bitcoin derivatives exchange, listing contracts suitable for leverage trading and

Carol Alexander, Jaehyuk Choi, Heungju Park, Sungbin Sohn*

ARTICLE | The Journal of Futures Markets |Vol.40,Issue 1, 2020

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What Do Private Firms Do after Losing Political Capital: Evidence from China

This paper studies the real effects of losing political capital by exploiting exogenous shocks from the sudden de

Zhimin Li, Lei Cheng

ARTICLE | Journal of Corporate Finance |Vol.60, 2020

Keywords: Political capital; Physical capital; Sudden death; Retired government official; Independent director

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