Working Papers-Peking University HSBC Business School(PHBS)

The Effect of Stock Liquidity on Debt-Equity Choices

We examine the effect of stock liquidity on a firm’s choice between debt and equity when funding its investment activities

William Cheung, Hyun Joong Im, and Bohui Zhang

| Working Paper | No. 2017003

Keywords: Stock liquidity, Debt issuance, Equity issuance, Capital structure

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The Effect of Technological Imitation on Corporate Innovation: Evidence from US Patent Data

Using US patent data for the period 1977–2005, we find that there are inverted-Ushaped relationships between the degree of industry-level technological imitation and industry-level innovation activities and between the degree of industry-level

Hyun Joong Im, Yang Liu and Janghoon Shon

Working Paper | No. 2017002 |

Keywords: Corporate innovation, Technological imitation, Value of innovation

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Idiosyncratic Risk and Acyclically Increasing Public Debt

This paper proposes a politico-economic theory of public debt dynamics that a policy maker decides on fiscal policies for being elected by voters of overlapping generations who face uninsurable idiosyncratic risk on their disposable incomes

Insook Lee

Working Paper | No. 2017001 |

Keywords: Government debt, Cyclical property of public debt, Idiosyncratic risk, Political economy of public debt, Public debt dynamics

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Uncertainty and the Value of Cash Holdings

This study examines the effects of uncertainty on the value of cash holdings

Uncertainty and the Value of Cash Holdings

Working Paper | No. 2016009 |

Keywords: Uncertainty, Cash holdings, Real options, Financial constraints, Agency costs

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Predicting the Critical Time of Financial Bubbles

Detecting and predicting financial bubbles have become crucially important because of the economic significance of endogenous market crashes

Kwangwon Ahn, Jacqueline B. Dai, Domenico Tarzia and Fan Zhang

Working Paper | No. 2016008 |

Keywords: Critical time, Bubbles, Log-periodic, power law Econophysics

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Bequest and Moral Hazard in Family

Observed bequest patterns of widely diverse societies are polarized into equigeniture (dividing bequests equally) and unigeniture (giving all to one child)

Insook Lee

Working Paper | No. 2016007 |

Keywords: Bequest motive, Unigeniture, Equigeniture

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Sticky Dividends: A New Explanation

This study proposes a generalized partial adjustment model of dividends in which managers set target dividends based on adaptively-formed earnings prospects

Chang Yong Ha, Hyun Joong Im, Ya Kang

Working Paper | No. 2016006 |

Keywords: Payout policy, Speed of adjustment, Dividend dynamics, Adaptive expectations

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Training, Skill-Upgrading and Permanent Migration: Evidence from China

The massive rural-to-urban migration is one of the most important features of China’s labor market during the past decades

Qing Wang, Ting Ren, Ti Liu

Working Paper | No. 2016005 |

Keywords: Human capital, Migration, Skill-upgrading, Training

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Collective Behavior in Corporate Bankruptcies and Business Cycle

We investigate collective behavior in corporate bankruptcies and its relationship with business cycle

Kwangwon Ahn, Jacqueline B. Dai, Chang Yong Ha and Basak Yakis-Douglas

Working Paper | No. 2016004 |

Keywords: Collective behavior,Corporate bankruptcy,Business cycle,Power law distribution,Agent- based model

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Uncertainty, Major Investments, and Capital Structure Dynamics

This study examines the effects of uncertainty on firms’ capital structure dynamics, finding that high-uncertainty firms have substantially lower target leverage while those firms’ leverage adjustment speeds increase only if they are over-levered

Chang Yong Ha, Hyun Joong Im, Kose John and Janghoon Shon

Working Paper | No. 2016003 |

Keywords: Uncertainty, Leverage, Capital structure dynamics, Major investments

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