Asset-Market Sentiments and Business-cycle Fluctuations
Abstract:We present a tractable model that accommodates asset-market sentiment in a standard Dynamic Stochastic General Equilibrium (DSGE) setting, allowing us to quantitatively evaluate sentiment-driven macroeconomic fluctuations. In our model, changes in households' perceived uncertainty about housing prices lead to self-fulfilling fluctuations in housing prices, which then impact investment and ...
Xuewen Liu, Pengfei Wang, Sichuang Xu*
ARTICLE |International Economic Reviews | 2024、65、4
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Racial Discrimination and Anti-discrimination: The COVID-19 Pandemic’s Impact on Chinese Restaurants in North America
Abstract:The coronavirus disease 2019 (COVID-19) pandemic has led to an increase in cases of racial discrimination against Asians, especially Chinese people. Despite an emerging stream of studies investigating various aspects of the COVID-19 pandemic, research on the behavioral consequences of racial discrimination during the pandemic remains scarce. In this work, we examined how racial discrimination ...
Chuang Tang, Shaobo (Kevin) Li*, Yi Ding, Ram Gopal, Guanglei Zhang*
ARTICLE | Information Systems Research| 2024、35、3
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Outside Directors’ Insider Trading Around Board Meetings
Abstract:Using a novel dataset of US companies’ regular board meeting schedules, we find evidence of informed trading by outside directors prior to board meetings. During the days prior to board meetings, when outside directors possess private information, they make more profitable and larger purchases than they do during other periods. We find no such patterns among inside directors who possess private ...
Seil Kim, Seungjoon Oh*
ARTICLE | Review of Accounting Studies| 2024、29、3
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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
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Confidence Intervals of Treatment Effects in Panel Data Models with Interactive Fixed Effects
Abstract:We augment the factor-based estimation of treatment effects proposed by Bai and Ng (2021) with easy-to-implement and nonparametric confidence intervals of treatment effects on every treated unit at every post-treatment time. The construction of confidence intervals entails a residual-based bootstrap resampling procedure. This method does not rely on any parametric assumption on the distribution ...
Xingyu Li, Yan Shen, Qiankun Zhou*
ARTICLE | Journal of Econometrics | 2024、240、1
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Price Rigidities and the Value of Public Information
Abstract:Firms' inflexibility in adjusting output prices to economic shocks exacerbates information asymmetry with respect to firms' profits, but public information on firms' cost structure mitigates this problem. We construct a novel form of public information from economic statistics disclosed by the government and find that such public information significantly reduces inflexible-price firms' bid–...
Lifeng Gu, Jin Xie*
ARTICLE | Journal of Accounting Research| 2024、62、1
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College Expansion, Trade, And Innovation: Evidence from China
Abstract:China has expanded the yearly quota on newly admitted college students by more than seven times since 1999. How did this massive education expansion affect firms' export and innovation choices? I document that after this expansion impacted the labor market, manufacturing firms' innovation increased considerably, especially among exporting firms, accompanied by sizable skill upgrading of exports....
Xiao Ma*
ARTICLE | International Economic Review |2024、65、1
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Winners from Winners: A Tale of Risk Factors
Abstract:Starting from twelve distinct factors from the recent literature, plus twelve principal components (PCs) of anomalies unexplained by the initial factors, a Bayesian comparison of approximately seventeen million models in terms of marginal likelihoods and posterior model probabilities shows that {Mkt, MOM, IA, ROE, MGMT, PERF, PEAD, FIN}, plus the nonconsecutive principal components, {PC1, ...
Siddhartha Chib, Lingxiao Zhao*, Guofu Zhou
ARTICLE | Management Science| 2024、70、1
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Environmental Activism in the Platform Society: Spatial Agency in Digital Maps
Abstract:Digital maps structure how we understand and interact with space while simultaneously affording agency and the potential for an alternative use of space. This article investigates how digital maps exercise data and spatial agency. Our empirical object is the environmental mobile mapping application water refill map (WRM, Hong-Te/Fengcha Action奉茶行動) in Taiwan. Drawing on the walk-through ...
Jing Meng, Yu-Peng Lin*, Hui-Ju Tsai
ARTICLE |New Media & Society| 2024、26、12
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