Working Papers-Peking University HSBC Business School(PHBS)

Guilty by Political Association: The Impact of Political Scandals on Connected Firms

Using scandals involving US congresspersons over the period 1992-2018, we investigate the reputational spillover effect between scandal-tainted congresspersons and politically-connected firms Following the first media report of a scandal, firms connec

April Knill, Baixiao Liu, John J. McConnell, Cayman Seagraves

Working Paper | No. 20230504 |

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The Effect of Short Sale Restrictions on Corporate Managers

We examine how the exemption of short sale uptick tests due to the Regulation SHO pilot program affects managers’ decisions to abandon value-reducing acquisition attempts We find that when deciding whether to abandon value-reducing acquisition attem

Baixiao Liu, John McConnell, Andrew Schrowang

Working Paper | No. 20230503 |

Keywords: Short Sale Restrictions, Short Selling, Regulation SHO, Pilot Program

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Common Correlated Effects Estimation of Nonlinear Panel Data Models

This paper focuses on estimating the coefficients and average partial effects of observed regressors in nonlinear panel data models with interactive fixed effects, using the common correlated effects (CCE, hereafter) framework The proposed two-step estim

Liang Chen, Minyuan Zhang

Working Paper | No. 20230502 |

Keywords: Panel data, interactive fixed effects, nonlinear models, incidental parameters, bias correction

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Exporting, Wage Profiles, and Human Capital: Evidence from Brazil

Export activity shapes workers’ experience-wage profiles Using detailed employer-employee and customs data for Brazilian manufacturing, we document that workers’ experience-wage profiles are steeper at exporters than at non-exporters and, among ex

Xiao Ma, Marc-Andreas Muendler, Alejandro Nakab

Working Paper | No. 20230501 |

Keywords: Export Activity; Wage Profiles; Human Capital Accumulation

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Upper and Lower Bounds on Robust One-way Trading with Fixed Costs

This paper considers the one-way trading problem with fixed costs where the trader can only trade in one direction throughout, either sell or buy, and he only knows limited information on price fluctuations beforehand We construct a robust optimization m

Wei Wang, Yingjie Lan, Wei Cui, Deming Zhou

Working Paper | No. 20230307 |

Keywords: Finance, Robust optimization, One-way trading, Fixed cost, Mini-max regret

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Control of Conservatism for Robust Optimization by Adjustable Regret

It is commonly recognized that a major issue of robust optimization is the tendency to produce overly conservative solutions To address this issue, a new regret-based criterion with a single control parameter is proposed and axiomatized to offer smooth c

Yingjie Lan

Working Paper | No. 20230306 |

Keywords: Robust optimization, Decision criteria, Over-conservatism, Tractability, One-way trading

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Facilitating Entry through Leasing

We study how leasing plays a novel role in improving total factor productivity (TFP) by facilitating entry and technology adoption As a form of more collateralizable financing, leasing provides additional nancing for investment required in a productive

Kai Li, Yiming Xu

Working Paper | No. 20230305 |

Keywords: Leased capital; Collateral constraint; Total factor productivity (TFP); Extensive margin; Entry; Technology adoption; Capital misallocation

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Culture, Religion, and Short-Sale Constraints

We find that institutional investors’ local culture of religiosity influences their stock lending decisions and short-sell constraints Firms with higher ownerships by blockholders located in more religious counties are associated with higher utilizatio

Danling Jiang, Baixiao Liu, Steven Chong Xiao

Working Paper | No. 20220304 |

Keywords: Culture, Religiosity, Blockholder, Stock lending, Short-sale constraints

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Media Negativity on Foreign Countries and International Asset Allocation

We investigate the relationship between media negativity on foreign countries and flows to country specific interna

Baixiao Liu, Linlin Ma

Working Paper | No. 20230303 |

Keywords: Keywords: Media Negativity , International Asset Allocation, International Mutual Fund, Fund Flows

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Learning, Price Discovery, and Macroeconomic Announcements

We document that the duration of investors’ information processing time improves the price discovery efficiency following public macroeconomic announcements

Haozhe Han, Grace Xing Hu, Calvin Dun Jia

Working Paper | No. 20230302 |

Keywords: Learning, Macroeconomic announcements, Price informativeness, Market efficiency

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