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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Forecasting Stock Returns: The Role of New Global Market Integration Indices
This research examines the usefulness of new proposed equity premium predictors through their superior out-of-sample forecasting gains relative to the historical average return method and currently well-known spillover indices (Diebold and Yilmaz, 2009)

Cindy S.H. Wang, Cheng Hsiao, Gary C.K. Wen

Working Paper | No. 20230301 |

Keywords: CDAR test, forecast combination, Lasso, panel predictive model, three-pass regression filter (3PRF), complete subset regression

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Adaptive Robust Capacity Control with Adjustable Regret
A robust single-leg capacity control method based on adjustable regret is proposed to address the practical needs

Yingjie Lan

Working Paper | No. 20230103 |

Keywords: Revenue management, Adjustable regret, Robust optimization, Competitive analysis, Game theory

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Affirmative Action in Two Dimensions: A Multi-Period Apportionment Problem
In many settings, affirmative action policies apply simultaneously at two levels, for instance, at university and

Haydar Evren, Manshu Khanna

Working Paper | No. 20230102 |

Keywords: Affirmative Action, Apportionment, Market Design, Rounding Problem

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Taxation and Entrepreneurship in the United States
This paper studies the effects of income taxation on entrepreneurship, empirically and in astructural macro model

Hans A. Holter, Serhiy Stepanchuk, Yicheng Wang

Working Paper | No. 20230101 |

Keywords: Entrepreneurship, Taxation, Tax Progressivity, Business Risk, Insurance

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Peer Pressure and Moral Hazard: Evidence from Retail Banking Investment Advisors
It is generally believed that pressure from peers induces employees to improve their efficiency and performance, b

Chen Lin, Chenhao Wang, Yuchen Xu, Ting Zhang

Working Paper | No. 20221106 |

Keywords: Peer pressure, Moral hazard, Retail investment advisor

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Over-Commitment in M&A Valuation Adjustment Mechanism Agreements
AbstractWith hand-collected data on Chinese M&A agreements between 2010 and 2019, this paper reveals that some tar

Chaohui Chen, Chen Lin, Yuchen Xu, Linlan Yang

Working Paper | No. 20221105 |

Keywords: Valuation Adjustment Mechanism (VAM), Mergers and Acquisitions (M&A), Myopia

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