Turbulent Business Cycles
Recessions are associated with sharp increases in turbulence that reshuffle firms’ productivity rankings To s

Ding Dong, heng Liu, Pengfei Wang

Working Paper | No. 20220703 |

Keywords: Turbulence,heterogeneous firms, financial frictions, reallocation, productivity, business cycles

More Details
Trust and Contracts: Empirical Evidence
Trust between parties should drive contract design: if parties were suspicious about each others’ reaction to

Francesco D’Acunto, Jin Xie, Jiaquan Yao

Working Paper | No.20220702 |

Keywords: Empirical Contract Theory, Incomplete Contracts, Cultural Economics, Beliefs and Choice, Personnel Economics, Organizational Economics, FinTech and Textual Analysis, Consulting, Management

More Details
Revisiting Granger Causality of CO2 on Global Warming: A Quantile Factor Approach
The relationship between global warming and CO2 is a long-standing question in the climate change literature In

Liang Chen, Juan J. Dolado, Jesús Gonzalo, Andrey Ramos

Working Paper | No. 20220501 |

Keywords: Global warming, CO2 emissions, quantile factor models, granger causality

More Details
Short Squeezes
Building upon the premise that short squeezes are most likely to occur following a large one day price increase

Zhiqian Jiang, Baixiao Liu, Andrew Schrowang, Wei Xu

Working Paper | No. 20220304 |

Keywords: Short selling, short squeezes, short sale constraint, price reversals

More Details
Motivating Collusion
We examine how executive compensation can be designed to motivate product market collusion We look at the 2013

Sangeun Ha, Fangyuan Ma, Alminas Žaldokas

Working Paper | No. 20220303 |

Keywords: Product market collusion, corporate governance, managerial compensation

More Details
Delineating China’s Metropolitan Areas Using Commuting Flow Data
This paper provides the first delineation of China’s commuting-based metropolitan areas (MAs)using a new sourc

Ting Chen, Yizhen Gu, Ben Zou

Working Paper | No. 20220302 |

Keywords: Metropolitan areas, local labor market, commuting flows

More Details
Lease-Adjusted Productivity Measurement
We document that leased capital accounts for more than 30% of the total productive physical assets used by US p

Weiwei Hu, Kai Li, Yiming Xu

Working Paper | No. 20220301 |

Keywords: Leased capital, productivity estimation, firm-level productivity, productivity growth, mismeasurement

More Details
Leasing as a Mitigation Channel of Capital Misallocation
Leased capital accounts for about 20% of the total productive physical assets used by US publicly listed firms,

Kai Li, Yiming Xu

Working Paper | No. 20220103 |

Keywords: Leased capital, collateral constraint, capital misallocation, capital reallocation

More Details
Leasing as a Mitigation of Financial Accelerator Effects
We document that leased capital accounts for about 20% of total physical productive assets used by US public fir

Kai Li, Jun Yu

Working Paper | No. 20220102 |

Keywords: Leased capital, business cycles, financial accelerator, uncertainty, risk shocks

More Details
Local Government Debt and Regional Competition in China
The GDP tournament among local governments plays a crucial role in supporting China’s growthmiracle Investmen

Xi Qu, Zhiwei Xu*, Jinxiang Yu

Working Paper | No. 20220101 |

Keywords: Local Government Debt, regional competition, government debt reform, Chinese economy

More Details