Working Papers-Peking University HSBC Business School(PHBS)

The Role of Information in the Rosen-Roback Framework

In this paper, we relax the underlying assumption of complete information in Rosen-Robacktheory and study the role

Xuwen Gao*, Ran Song, Christopher Timmins

Working Paper | No. 20210502 |

Keywords: Information, Rosen Roback Theory, wage-hedonic model, compensating differential

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Policy Uncertainty and Peer Effects: Evidence from Corporate Investment in China

This study investigates whether economic policy uncertainty (EPU) magnifies peer effects in corporate investment in China and the economic mechanisms through which EPU may act upon this property We examine this relationship by analysing a large sample of

Hyun Joong Im, Jane Liu, Young Joon Park*

Working Paper | No. 20210501 |

Keywords: Corporate investment policy, peer effects, economic policy uncertainty, underin-vestment, information cascade

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Limited Risk Sharing in the Great Recession

Firms may want to diversify earnings risk for workers However, firms themselves may be subjectto financial fricti

Yicheng Wang

Working Paper | | No. 20210307

Keywords: Firm insurance, dynamic contracts, search and matching, financial frictions, distributional impact

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Income Volatility and Portfolio Choices

Based on administrative data from Statistics Norway, we find economically significant shifts inhouseholds’ fina

Yongsung Chang, Jay H. Hong, Marios Karabarbounis, Yicheng Wang, Tao Zhang

Working Paper | | No. 20210306

Keywords: Income volatility, portfolio choice, risky share

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Quality Signaling through Crowdfunding Pricing

Problem definition: This paper studies an entrepreneur’s pricing strategy in a reward-basedcrowdfunding campaign

Ehsan Bolandifar, Zhong Chen, Panos Kouvelis, Weihua Zhou

Working Paper | | No. 20210305

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Venture Capital Coordination in Syndicates, Corporate Monitoring, and Firm Performance

This paper examines how the coordination of venture capital (VC) investors in their syndicates, asmeasured by thei

Jun-Koo Kang, Yingxiang Li, Seungjoon Oh

Working Paper | | No. 20210304

Keywords: Venture capital, geographic concentration, coordination, monitoring, exit, staged financing, board

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Co-Movement of Steady-State Government Debt and Household Debt

To understand whether and how movements of government debt and household debt are related, stationary equilibrium

Insook Lee

Working Paper | | No. 20210303

Keywords: Government debt, household debt, co-movement, uninsurable income risk

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Downward Wage Rigidity, Corporate Investment, and Firm Value

Firms reduce investment when facing downward wage rigidity (DWR), the inability or unwillingness to adjust wages d

DuckKi Cho

Working Paper | | No. 20210302

Keywords: Downward wage rigidity, corporate investment, minimum wage laws, theory of second best

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It's Not Who You Know - It's Who Knows You: Employee Social Capital and Firm Performance

We show that the social capital embedded in employees’ networks contributes to superior firmperformance and p

DuckKi Cho, Lyungmae Choi, Michael Hertzel, Jessie Jiaxu Wang

Working Paper | | No. 20210301

Keywords: Labor and Finance, social capital, social connections, directed networks

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Shadow Union in Local Labor Markets and Capital Structure

This paper identifies an externality of a firm s unionization that affects the capital structure decisions of other

DuckKi Cho, Lyungmae Choi

Working Paper | No. 20210201 |

Keywords: Shadow Union, Capital Structure, Local Labor Market, Threat of Unionization

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