2020 - Peking University HSBC Business School(PHBS)

A Search-Based Neoclassical Model of Capital Reallocation

The purchase of used capital accounts for at least 25% of firms’ total investment and more importantly, cro

Feng Dong, Pengfei Wang*, Yi Wen

ARTICLE | European Economic Review | Vol.128, 2020

Keywords: capital reallocation, Search frictions, Utilization dispersion, TFP Dispersion

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Efficiency Of Wage Bargaining With On-The-Job Search

This article studies efficiency in a general class of search models where both unemployed and employed workers se

Xiaoming Cai

ARTICLE | International Economic Review | Vol.61, No.4, 2020

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Multiple applications, competing mechanisms, and market power

We consider a labor market with search frictions in which workers make multiple applications and firms can post

James Albrecht, Xiaoming Cai*, Pieter Gautier, Susan Vroman

ARTICLE | Journal of Economic Theory | Vol. 190, 2020

Keywords: Multiple applications, Directed search, Competing mechanisms, Efficiency, Market power

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Inferring Informal Risk-Sharing Regimes: Evidence from Rural Tanzania

This paper studies informal risk-sharing regimes in a unified framework by examining households’ intertemporal

Zhimin Li*, Ethan Ligon

ARTICLE | Journal of Economic Behavior & Organization | Vol.177, 2020

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I, Chatbot: Modeling the Determinants of Users’ Satisfaction and Continuance Intention of AI-Powered Service Agents

Chatbots are mainly text-based conversational agents that simulate conversations with users Thisstudy aims to inves

Muhammad Ashfaq, Jiang Yun, Shubin Yu*, Sandra Maria Correia Loureiro

ARTICLE | Telematics and Informatics | Vol.54, 2020

Keywords: Chatbots, Satisfaction, Continuance intention, The need for interaction, ECM, ISS model, TAM

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Price Discovery and Microstructure in Ether Spot and Derivative Markets

Ethereum is an important blockchain, being the first and most popular public platform for the smart contracts und

Carol Alexander*, Jaehyuk Choi, Hamish Massie, Sungbin Sohn

ARTICLE | International Review of Financial Analysis | Vol.71, 2020

Keywords: BitMEX,Cryptocurrency,Ethereum,Futures,Perpetual swaps

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Selective Pump-And-Dump: The Manipulation of their Top Holdings by Chinese Mutual Funds around Quarter-Ends

Using data from 2009 to 2016, we reveal that Chinese mutual fund managers pump and dump some of their top hold

Liangyi Ouyang,Cao Bolong*

ARTICLE | Emerging Markets Review | Vol.44, 2020

Keywords: Stock price manipulation, Performance manipulation, Mutual funds

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Asset Bubbles and Monetary Policy

We provide a model of rational bubbles in a DNK framework Entrepreneurs are heterogeneous in investment efficienc

Feng Dong, Jianjun Miao, Pengfei Wang

ARTICLE | Review of Economic Dynamics | Vol.37, Sup.1 SI, 2020

Keywords: Asset bubble; Monetary policy; Dynamic new Keynesian model; Credit constraints; Multiple equilibria; Sentiment

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Discount Shock, Price-Rent Dynamics, and the Business Cycle

The price-rent ratio in commercial real estate is highly volatile and its variation comoves with the business cyc

Jianjun Miao, Pengfei Wang, Tao Zha

ARTICLE | International Economic Review | Vol.61, No.3, 2020

Keywords: House Prices, Model, Constraints, Bubbles, Search, Stock, Risk

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Trade-Off Effect of Pay-As-You-Go Public Pension on Economic and Welfare Volatility

Using an overlapping-generations model where heterogeneous individuals choose their own consumption and labor supply

Insook Lee

ARTICLE | Review of Public Economics | Issue 233, 2020

Keywords: Pay-as-you-go public pension, macroeconomic stability, social welfare volatility

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