2018-Peking University HSBC Business School(PHBS)

China's Evolving Monetary Policy Rule: from Inflation-Accommodating to Anti-inflation Policy

This paper aims to enhance the understanding of China s monetary policy rule since the mid-1990s, focusing on the role of inflation

Eric Girardin, Aix-Marseille University

Thursday, June 14, 2018 | 2:00pm-3:30pm |Room 333, HSBC Business School Building

Keywords: China s Evolving Monetary Policy Rule: from Inflation-Accommodating to Anti-inflation Policy

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Unraveling Limit Order Books Using Just Bid/Ask Prices

How much of the structure of a Limit Order Book (LOB) can be recovered by only observing the trade and quote (TAQ) sequence?

Xinyun Chen, Wuhan University

Monday, June 11, 2018 | 2:00pm-3:30pm |Room 337, HSBC Business School Building

Keywords: Room 337, HSBC Business School Building

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Ownership and Productivity in Vertically-Integrated Firms: Evidence from the Chinese Steel Industry

We study productivity differences in vertically-integrated Chinese steel operations using a unique data set that provides plant-level information on material inputs and output in physical units and plant equipment for each of the three main stages in the

Yingjun Su, Jinan University

Wednesday, June 6, 2018 | 2:00pm-3:30pm |Room 335, HSBC Business School Building

Keywords: Ownership and Productivity in Vertically-Integrated Firms: Evidence from the Chinese Steel Industry

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How does Market Value Stock Liquidity? -- Comparative Evidence of UK, Germany, US and China

The relationship of stock liquidity to returns implies market perception of liquidity for value Literature is controversial on the relation

Guy Liu, PHBS

Tuesday, June 5, 2018 | 2:00pm-3:30pm |Room 335, HSBC Business School Building

Keywords: Liquidity, Stock returns, Stock market of Germany, the UK, the US and China

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Econometrics with Privacy Preservation

Many data are sensitive in areas such as finance, economics, and other social sciences We propose an ER (encryption and recovery) algorithm that allows a central administration to do statistical inference based on the encrypted data, while still preservi

Steven Kou, National University of Singapore

Wednesday, May 16, 2018 | 3:30pm-5:00pm |Room 329, HSBC Business School Building

Keywords: ER algorithm, Invariant equidistribution, Privacy preservation

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Skin in the Game: Personal Stock Holdings and Investors’ Response to Stock Analysis on Social Media

Motivated by concerns that financial positions present a conflict of interest that impairs an analyst’s objectivity, we examine investor perceptions of the financial positions of authors providing stock analysis on the social media outlet Seeking Alpha

John L. Campbell, University of Georgia

Tuesday, May 15, 2018 | 2:00pm-3:30pm |Room 425, HSBC Business School Building

Keywords: Personal stock holdings, Stock analysis

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Forced Retirement Risk and Portfolio Choice

The literature on the effect of labor income on portfolio choice fails to consider that workers face a risk of being forced to retire before their planned retirement age

Guodong Chen, NYU Shanghai

Wednesday, April 25, 2018 | 3:30pm-5:00pm |Room 339, HSBC Business School Building

Keywords: Forced retirement, Portfolio choice, The risk premium puzzle

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The Welfare and Distributional Effects of Fiscal Volatility: A Quantitative Evaluation

This study explores the welfare and distributional effects of fiscal volatility using a neoclassical stochastic growth model with incomplete markets

Jinhui Bai, Tsinghua University PBC School

Wednesday, April 25, 2018 | 2:00pm-3:30pm |Room 335, HSBC Business School Building

Keywords: Fiscal volatility, Welfare costs, Distributional effects, Labor income risk, Wealth inequality, Tra

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Distorted Risk Incentives from Size Threshold-Based Regulations

Many regulations that affect firms and banks in the economy are based on size thresholds We develop a model that shows that such regulations distort risk-taking incentives, providing above-threshold firms with greater incentives to take risk and below-th

Shane Johnson, Texas A&M University

Wednesday, April 18, 2018 | 2:00pm-3:30pm |Room 337, HSBC Business School Building

Keywords: Risk incentives, Regulation, Size thresholds, Size contingent regulation, Dodd-Frank

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Will China’s Belt and Road Initiative (BRI) Create Economic Welfare? Opportunities, Challenges, and Technology

China is leading the Belt and Road Initiative (BRI), which will create nearly $1 trillion of megaprojects around the world However, the implementation of megaprojects is no easy task

Atif Ansar, University of Oxford

Monday, April 16, 2018 | 11:00am-12:30pm |Room 333, HSBC Business School Building

Keywords: BRI, Economic welfare

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