Intermediary-Based Equity Term Structure
Abstract: We demonstrate that a financial intermediary-based asset pricing model offers a compelling explanation for a new set of conditional moments of equity term structure and convenience yields. The model’s key mechanism is that the time-varying tightness of intermediaries’ leverage constraints drives significant mean reversion in the price of risk. This model guides us in devising a novel empirical ...
Kai Li*, Chenjie Xu
ARTICLE | Journal of Financial Economics | 2024、157
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Life Cycle Environmental Analysis of Offshore Wind Power: A Case Study of the Large-Scale Offshore Wind Farm in China
Abstract: China's decarbonization is indispensable for the large-scale utilization of renewable energy. In this process, the development of offshore wind energy has become an important support, because in the eastern region of China, especially the coastal areas, there's the most load requirements but limited onshore renewable resources. Under the goals of both carbon neutral and sustainable development,...
Yuwei Cao, Yiqun Meng, Zongyue Zhang, Qing Yang*, Yifei Li, Chuang Liu, Shusong Ba*
ARTICLE | Renewable & Sustainable Energy Reviews | 2024、196
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AI-Enabled Green Business Strategy: Path to Carbon Neutrality via Environmental Performance and Green Process Innovation
Abstract: This study aims to comprehend and test the mediating effect of Green Process Innovation (GPI) and the moderating effect of Green Dynamic Capabilities (GDC) on Artificial Intelligence (AI) enabled Green Business Strategies (GBS) and Environmental Performance (EP) relationship. 252 manufacturing sector employees in North India participated in the data collection. The study used Structural equation ...
Varun Chotia*, Yue Cheng, Reeti Agarwal, Sushant Kumar Vishnoi
ARTICLE | Technological Forecasting and Social Change | 2024、202
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Moral Hazard and Investment-Cash-Flow Sensitivity
Abstract: We develop a dynamic model of investment with moral hazard and provide a micro-foundation for financing constraints. In the model, standard investmentcash-flow sensitivity regressions will find a small coefficient on Tobin’s Q and a large and significant coefficient on cash flow. Our calibration replicates the empirical fact that larger and more mature firms are less financially constrained ...
Hengjie Ai*, Kai Li, Rui Li
ARTICLE | Annals of Economics and Finance | 2024、25、1：143-174
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The Agricultural Wage Gap within Rural Villages
Abstract: We use unique data on daily labor-market outcomes for Indian casual workers to study labor reallocation between agricultural and non-agricultural activities within rural areas. Controlling for both individual time-invariant attributes and time-varying shocks, we find that workers who switch sectors across years or even within a week can obtain 23% higher wages by taking non-agricultural jobs....
Ceren Baysan, Manzoor H. Dar, Kyle Emerick, Zhimin Li*, Elisabeth Sadoulet
ARTICLE | Journal of Development Economics | 2024、168
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EPS Sensitivity and Mergers
Abstract: Announcements of mergers very often discuss the immediate impact of the deal on the acquirer’s earnings per share (EPS). We argue that the focus on EPS reflects the difficulty of evaluating and communicating deal synergy in mergers and acquisitions (M&A) practice and provide supporting evidence. We show that the acquirer's EPS focus affects how deals are structured, the premium that is paid,...
Sudipto Dasgupta, Jarrad Harford, Fangyuan Ma*
ARTICLE | Journal of Financial and Quantitative Analysis | 2024、59、2：521-556
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Short Squeezes
Abstract: We investigate the prevalence and persistence of short squeezes and the corresponding economic consequences on the stocks being squeezed. Using daily short sale data, we provide evidence that a short squeeze on average subsides within seven trading days and can be driven by both the capital constraint of the short sellers and the short sale constraint of the underlying stocks. The risk of ...
Zhiqian Jiang, Baixiao Liu*, Andrew Schrowang, Wei Xu
ARTICLE | Financial Analysts Journal | 2024、80、2：152-173
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A Novel Carbon Emission Estimation Method Based on Electricity-Carbon Nexus and Non-Intrusive Load Monitoring
Abstract: Accurate carbon accounting is foundational for power enterprises' participation in the carbon market. Current research on estimation of carbon dioxide emissions through electricity‑carbon index analysis primarily relies on an enterprise's total electricity consumption, which often leads to uncertainty and poor interpretability. In reality, carbon dioxide emissions within an enterprise are ...
Yingqi Xia, Gengchen Sun, Yanfeng Wang, Qing Yang*, Qingrui Wang*, Shusong Ba*
ARTICLE | Applied Energy | 2024、360
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Two-Step Estimation of Quantile Panel Data Models with Interactive Fixed Effects
Abstract: This paper considers the estimation of panel data models with interactive fixed effects where the idiosyncratic errors are subject to conditional quantile restrictions. An easy-to-implement two-step estimator is proposed for the coefficients of the observed regressors. In the first step, the principal component analysis is applied to the cross-sectional averages of the regressors to estimate ...
Liang Chen*
ARTICLE | Econometric Theory | 2024、40、2：419–446
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Motivating Collusion
Abstract: We examine how executive compensation can be designed to facilitate product market collusion. We look at the 2013 decision to close several regional offices of the U.S. Department of Justice, which lowered antitrust enforcement for firms located near these closed offices. We argue this made collusion more appealing to shareholders, and find that these firms increased the sensitivity of executive ...
Sangeun Ha, Fangyuan Ma, Alminas Žaldokas*
ARTICLE | Journal of Financial Economics | 2024、154
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