Working Papers-Peking University HSBC Business School(PHBS)

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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Home Location Choices and the Gender Commute Gap

Using administrative records of home mortgages in Beijing, we show that households systematically choose to buy new homes that are closer to the wife’s workplace

Yizhen Gu, Naijia Guo, Jing Wu, Ben Zou

Working Paper | No. 20210105 |

Keywords: Gender gap, Commute to work, Housing demand

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Nonparametric Quantile Regressions for Panel Data Models with Large

This paper considers panel data models where the conditional quantiles of the dependent variables are additively separable as unknown functions of the regressors and the individual effects

Liang Chen

Working Paper | No. 20210104 |

Keywords: Panel data, Quantile regressions, incidental parameters, Jackknife, Bias correction

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Two-Step Estimation of Quantile Panel Data Models with Interactive Fixed Effects

This paper considers the estimation of panel data models with interactive fixed effects where the idiosyncratic errors are subject to conditional quantile restrictions

Liang Chen

Working Paper | No. 20210103 |

Keywords: Panel data, Interactive fixed effects, Smoothed quantile regressions, Principal component analysis, Analytical bias correction, Split-panel jackknife

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Land Cronyism and Corporate Political Cycles in China

This paper measures the degree of industrial land subsidy to a firm using the ratio of the market value of land in the neighborhood to the price at which the firm purchased the land from the local government

Chunyang Wang, Qinghua Zhang

Working Paper | No.20210102 |

Keywords: Cronyism, land, Political turnover, China

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Predicting Recession Probabilities Using Term Spreads: New Evidence from a Machine Learning Approach

The literature on using yield curves to forecast recessions typically measures the term spread as the difference between the 10-year and the three-month Treasury rates

Jaehyuk Choi, Desheng Ge, Kyu Ho Kang, Sungbin Sohn

Working Paper | No. 20210101 |

Keywords: Yield Curve, Estimation risk, Density forecasting

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Does Outlawing Mandatory Retirement Reduce Public-Pension Benefit Claim?

Exploiting the 2011 abolishment of the mandatory-retirement provision that had allowed employers to force retirement of their 65-or-older employees in the UK, this paper estimates the effect of outlawing mandatory retirement on public-pension benefit

Insook Lee

Working Paper | No. 2020002 |

Keywords: mandatory retirement, public-pension claim, household head

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Idiosyncratic Risk and Acyclically Increasing Public Debt

Understanding observed cyclical properties of public debt is important The existing theories predict that public debt is only countercyclical (i e , increasing in recessions and decreasing in booms)

Insook Lee

Working Paper | No. 2020001 |

Keywords: Government Debt, Cyclicality of Public Debt, Idiosyncratic Risk, Acyclical Public Debt

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