2019 - Peking University HSBC Business School(PHBS)

Quantifying Economic Effects of Transportation Investment Considering Spatiotemporal Heterogeneity in China: A spatial panel model perspective

Transportation investment plays a significant role in promoting economic development However, in what scenario and

Xiongbin Lin, Ian MacLachlan, Ting Ren, Feiyang Sun

ARTICLE | The Annals of Regional Science | Vol.63, Issue 3, 2019

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Repayment Burdens of Mortgage-style Student Loans in China and Steps toward Income Contingent Loans

Currently China is experiencing unprecedented growth in higher education enrolments, with this trend set to continue

Yu Cai, Bruce Chapman, Qing Wang*

ARTICLE | Economics of Education Review | Vol. 71, 2019

Keywords: Higher education, Financing policy

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The Effects of Bank Ownership on Lending Behaviour for Different Types of Loans Throughout the Business Cycle

We further find that the loan allocation patterns vary significantly for different types of loans in China I

Haifeng Huang, Bingjie Shen, Tao Wang*

ARTICLE | International Finance | Vol. 22, Issue 2,2019

Keywords: Bank ownership, Lending behaviour

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Pollution and corporate valuation: Evidence from China

Environmental pollution brings severe challenges in the context of a high growing economy of China

Chunyang Wang, Haiyang Zhang, Liping Lu, Xirui Wang

ARTICLE | Applied Economics | Vol.51, 2019

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Financial Structure and Systemic Risk of Banks: Evidence from Chinese Reform

Using Chinese data from 2006 to 2014, we find that a shift in the financial structure towards a more market-bas

Guseon Ji, Daniel Sungyeon* Kim, Kwangwon Ahn*

ARTICLE | Sustainability | Vol.11, Issue 13, 2019

Keywords: Financial structure; Systemic risk; Banking; China

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Measuring decision‐making competence in Chinese adults

In this study, we translated and localized the Adult Decision‐making Competence scale (A‐DMC) and tested its reliability and validity with large samples

Peng, J. , Feng, T. , Zhang, J. , Zhao, L. , Zhang, Y. , & Chang, Y. , et al.

ARTICLE | Journal of Behavioral Decision Making | Vol. 32, Issue3, 2019

Keywords: Cambridge gambling task, decision outcomes inventory, decision‐making competence, individual differences, Iowa gambling task, reliability and validity

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Stock Market Uncertainty and Economic Fundamentals: An Entropy-Based Approach

This study investigates the effects of stock market uncertainty on economic fundamentals, represented by economic activities and systemic risk, in China

Kwangwon Ahn, Daeyong Lee, Sungbin Sohn*, Biao Yang

ARTICLE | Quantitative Finance | Vol.19, Issue 7, 2019

Keywords: Entropy, Stock market uncertainty, Economic activities, Systemic risk

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Bayesian realized-GARCH models for financial tail risk forecasting incorporating the two-sided Weibull distribution

The realized-GARCH framework is extended to incorporate the two-sided Weibull distribution, for the purpose of vola

Wang Chao*, Chin Qian, Gerlach Richard

ARTICLE | Quantitative Finance | Vol.19, Issue 6, 2019

Keywords: Realized-GARCH; Two-sided Weibull; Realized variance; Realized range; Sub-sampling; Markov Chain Monte Carlo; Value-at-risk; Expected shortfall

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Arbitrage Involvement and Security Prices

We argue that hedge funds more aggressively buy underpriced stocks when they can short and, as such, protect their stock purchases from industry fluctuations

Byoung Hwang, Boxiao Liu, Wei Xu

ARTICLE | Management Science | Vol.65, 2019

Keywords: Hedge funds, Short-Selling, Market efficiency

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Vertical FDI and exchange rates over the business cycle: The welfare implications of openness to FDI

It has long been observed that a country tends to receive increased net foreign direct investment (FDI) inflow when its currency depreciates

Jiao Shi

ARTICLE | Journal of Development Economics | Vol. 138, 2019

Keywords: Foreign direct investment, Exchange rates, Gains from openness

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