Publications - Peking University HSBC Business School(PHBS)

This paper studies the risk of Bitcoin being used for the purpose of capital flight

Lan Ju, Timothy (Jun) Lu, Zhiyong Tu

ARTICLE | International Review of Finance | Vol.16, SEP 2016

Keywords: Capital Flight, Bitcoin Regulation

Early Warning Indicators of Banking Crisis and Bank Related Stock Returns

This study examines whether early warning indicators of banking crisis can predict the U S bank related stock returns in credit tightening periods

Bumjean Sohn，Heungju Park

ARTICLE | Finance Research Letters | Vol. 18, AUG 2016

Keywords: Credit cycles, Banks, Bank dependent firms, Stock return predictability

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Competitive Difference Analysis of the One-Way Trading Problem with Limited Information

We consider robust one-way trading with limited information on price fluctuations Our analysis finds the best guarantee of difference from the optimal offline performance We provide closed-form solution, and reveal for the first time all possible worst-

Wei Wang, Liying Wang, Yingjie Lan*, Jean X. Zhang

ARTICLE | European Journal of Operational Research | Vol. 252, 2016

Keywords: Robustness and sensitivity analysis, One-way trading, Competitive analysis, Online algorithms

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Thinking Concretely or Abstractly: The Influence of Fit between Goal Progress and Goal Construal on Subsequent Self-Regulation

This study investigates the influence of brand personality on consumer loyalty and the moderating role of relative brand identification for multiple brands in the same product category

Jooyoung Park*, William M. Hedgcock

ARTICLE | Journal of Consumer Psychology | Vol. 26, 2016

Keywords: Consumer loyalty, Brand loyalty, Brand personality, Relative brand identification, Dimensions

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Significance Test in Nonstationary Multinomial Logit Model

We derive the asymptotic distribution of the overall significance LM test in a multinomial logit model with nonstationary covariates when the qualitative response is serially correlated and show that conventional significance tests can result in spurious

Chia-Shang J. Chu*, Nan Liu, Lina Zhang

ARTICLE | Economics Letters | Vol. 143, 2016

Keywords: Nonstationary multinomial logit, Discrete autoregression, Significance test

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Why do Employees Like to be Paid with Options?: A Multi-Period Prospect Theory Approach

The use of options as compensation for non-executive employees is a puzzle Standard, rational, valuation models show that the cost of issuing options is larger than the value placed on the options by employees

Lei Sun, Martin Widdicks*

ARTICLE | Journal of Corporate Finance | Vol.38, 2016

Keywords: Employee stock options, Prospect theory, Overconfidence, Early exercise

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Long-term Perspective on the Stock Market Matters in Asset Pricing

We provide a more intuitive interpretation of Campbell s (1993) intertemporal capital asset pricing model

Bumjean Sohn, Heungju Park

ARTICLE | Finance Research Letters | Vol. 16, 2016

Keywords: Cross-section of equity returns, Long-horizon market return

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Does Dividend Policy Drive Repurchases?

The purpose of this paper is to investigate whether firms repurchase shares to meet or just beat their dividend target as managers perceive share repurchases are more flexible than dividends and managers have a strong desire to maintain dividend levels

Nan Liu, Jamshid Mehran

ARTICLE | Managerial Finance | Vol. 42, 2016

Keywords: Dividends, Benchmark, Repurchase

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Financial Constraints, Board Governance Standards, and Corporate Cash Holdings

This study examines whether financial constraints and board governance play substitution roles in lowering agency concerns in corporate cash holdings

Choonsik Lee, Heungju Park

ARTICLE | Review of Financial Economics | Vol. 28, 2016

Keywords: Financial constraints, Internal monitoring, Corporate cash holdings

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The Gender Difference in the Value of Winning

We design an all-pay auction experiment in which we reveal the gender of the opponent Using this design, we find that women bid higher than men, but only when bidding against other women

Zhuoqiong (Charlie) Chen, David Ong, Roman M. Sheremeta

ARTICLE | Economics Letters | Vol. 137, 2015

Keywords: Experiments, All-pay auction, Competitiveness, Gender differences

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