Working Papers-Peking University HSBC Business School(PHBS)

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The literature oﬀers two foundations for competitive search equilibrium, a Nash approach and a market-maker approa

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Workers in richer countries experience faster rates of wage growth over their lifetimes than workers in poorer co

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Export activity shapes workers’ experience-wage profiles Using detailed Brazil-ian manufacturing employer-employe

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We structurally estimate an investment-based asset pricing model, where ﬁrms’ exposure to macroeconomic risk

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We present a rational expectations model of credit-driven crises In our model econ-omy, banks can operate in two

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This paper studies the causal impact of political connections on innovation Using a unique hand-collected data se

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We investigate the effect of search frictions on labor market sorting by constructing a model which is in line

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There exists a lot of variation in terms of how buyers and sellers meet, both across sectors and over time as

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We assemble new data on the British and French concessions in Shanghai between 1845 and 1936 to assess the lega

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We examine how the supply of talent affected financial development, based on a historical experiment that abruptly