How do Multinationals Impact China’s Technology? The Role of Quid Pro Quo Policy and Technology Spillovers
 

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Keywords: ESG, Mutual fund family, Spillover effect, Fund flows, Affection-based judgement, Fund proliferatio

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Overnight Learning, Price Discovery, and Macroeconomic Announcements
 

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Keywords: ESG, Mutual fund family, Spillover effect, Fund flows, Affection-based judgement, Fund proliferatio

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A High-Frequency Measure of Chinese Monetary Policy Shocks
 

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Keywords: ESG, Mutual fund family, Spillover effect, Fund flows, Affection-based judgement, Fund proliferatio

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The Incident-Driven Green Products
 

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Keywords: ESG, Mutual fund family, Spillover effect, Fund flows, Affection-based judgement, Fund proliferatio

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Gold is a Hedging Asset
While industry investors commonly view gold as a hedging asset, academic studies often find the opposite We show

Aoxiang Yang*

Working Paper | No. 20260605 |

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Volatility-Managed Volatility Trading
We develop volatility risk premium (VRP) timing strategies that involve trading two assets: a volatility asset and

Aoxiang Yang*

Working Paper | No. 20240604 |

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Launching for the "Greater Good": Spillover Effect of ESG Funds
We examine the incentives motivating a mutual fund family to launch ESG funds, aiming to understand the supply-si

Fangyuan Ma, Linlin Ma, Yuan Wang, Bo Xu*

Working Paper | No. 20240603 |

Keywords: ESG, Mutual fund family, Spillover effect, Fund flows, Affection-based judgement, Fund proliferatio

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The Asset Durability Premium
Durable capital is harder to finance not only due to its greater down payment, but also because of its larger

Dun Jia, Kai Li, Chi-Yang Tsou∗

Working Paper | No. 20240602 |

Keywords: durability; financial constraints; collateral, cross-section of stock returns

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Bargaining and Dynamic Competition
Industries with significant scale economies or learning-by-doing may come to be dominated by a single firm Econom

Shanglyu Deng, Dun Jia, Mario Leccese, Andrew Sweeting

Working Paper | No. 20240601 |

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Fare Structure and the Demand for Public Transit
We study fare structure design and public transit use Leveraging a fare rise in the Beijing Subway that replaced a flat rate with one that varies by distance, time, and offers quantity discounts, we find inelastic demand, inflexible travel schedules, and

Yizhen Gu, Qu Tang, Yacan Wang, Ben Zou*

Working Paper | No. 20240302 |

Keywords: public transit, demand for travel, price elasticity

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