Working Papers-Peking University HSBC Business School(PHBS)

Leasing, Pecuniary Externality, and Aggregate Efficiency

Firms frequently lease capital, as indicated by the data; however, the impact of leasing on aggregate efficiency has seldom been studied In this paper, we demonstrate that leasing can mitigate the inefficiencies caused by pecuniary externalities in ec

Kai Li, Yicheng Wang, Yiming Xu

Working Paper | No. 20231105 |

More Details

Learning, Price Discovery, and Macroeconomic Announcements

We examine the price discovery process in the Chinese equity market Leveraging a unique feature of China’s market - the release of macroeconomic announcements that are often unscheduled, varying in time, and occur outside of regular trading hours

Haozhe Han, Grace Xing Hu, Calvin Dun Jia∗

Working Paper | No. 20231104 |

Keywords: Learning, Macroeconomic Announcements, Price Informativeness, Market Efficiency

More Details

Quantifying the Macroeconomic Impact of Credit Expansions

Although the literature has emphasized different channels through which changes in credit conditions affect economic activity, the relative quantitative importance of these channels remains unclear In this paper, we seek to evaluate the relative role

Corina Boar, Matthew Knowles, Kjetil Storesletten, Yicheng Wang

Working Paper | No. 20231103 |

Keywords: Credit Market Deregulation, Credit Market Friction, Macroeconomic Impact, Heterogenous Firm, New Keynesian, Firm Dynamics

More Details

Spatial Search

This paper considers a random search model where some locations provide sellers with better chances of meeting many buyers than other locations (for example popular shopping streets or the first page of a search engine) When sellers are heterogeneous

Xiaoming Cai, Pieter Gautier, Ronald Wolthoff

Working Paper | No. 20231102 |

Keywords: search frictions, spatial equilibrium, sorting

More Details

Search, Screening and Sorting

We examine how search frictions impact labor market sorting by constructing a model consistent with recent evidence that employers collect a pool of applicants before interviewing a subset We derive the necessary and sufficient conditions for sorti

Xiaoming Cai, Pieter Gautier, Ronald Wolthoff

Working Paper | No. 20231101 |

Keywords: sorting, complementarity, search frictions, information frictions, heterogeneity

More Details

Leasing and the Idiosyncratic Volatility Puzzle

Our study elucidates the idiosyncratic volatility puzzle, the observed negative correlation between past idiosyncratic volatility and stock returns, by examining firms optimal decisions to buyversus- lease capital We find that firms with elevated

Kai Li, Kaihong Song

Working Paper | No. 20230902 |

Keywords: idiosyncratic volatility; financial constraint; leased capital; cross-section of expected returns; incomplete market

More Details

Climate Innovation and Carbon Emissions: Evidence from Supply Chain Networks

We study whether climate-related innovation leads to carbon emission reductions by analyzing supply chain networks We find that climate innovation reduces carbon emissions at customer firms, but only for the supplier firm s product innovation patents,

Ulrich Hege, Kai Li, Yifei Zhang

Working Paper | No. 20230901 |

Keywords: climate change mitigation technologies (CCMTs); climate innovations; supply chain; new customer firms; carbon emissions; ESG scores; discrete choice model

More Details

Affirmative Action’s Connected Apportionments

It is not feasible to reserve a fraction of a seat, therefore to respect the spirit of affirmative action the Indian reservation system adheres to a rotating system of seat claiming, commonly referred to as a roster Developing a roster involves addres

Haydar Evren, Manshu Khanna

Working Paper | No. 20230701 |

Keywords: Affirmative Action, Rotation, Indivisibility, Apportionment, Divisor Methods

More Details

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 |

More Details

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

More Details

LINKS

CONTACT US

3D CAMPUS