2022 - Peking University HSBC Business School(PHBS)

Markets and Economies with Information Frictions

Xue-Zhong He*, Pengfei Wang, Liyan Yang

ARTICLE | Journal of Economic Dynamics & Control | Vol.141, 2023

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Do Audit Teams Affect Audit Production and Quality? Evidence from Audit Teams’ Industry Knowledge

We examine how the extent and distribution of industry knowledge within an audit team affect audit outcomes Whil

Steven F. Cahan*, Limei Che, W.Robert Knechel, Tobia Svanstrom

ARTICLE | Contemporary Accounting Research | Vol.39, 2023

Keywords: audit teams, audit production, audit quality, industry knowledge, team composition, team dynamics

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The Price of Higher Order Catastrophe Insurance: The Case of VIX Options

We develop a tractable equilibrium pricing model to explain observed characteristics in equity returns, VIX futures, S&P 500 options, and VIX options data based on affine jump-diffusive state dynamics and representative agents endowed with Duffie-Epstein

Bjorn Eraker*, Aoxiang Yang

ARTICLE | Journal of Finance | Vol.77, 2022

Keywords: VIX, pricing model, SPX, equity returns

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Does Board Demographic Diversity Enhance Cognitive Diversity and Monitoring?

We examine whether board demographic diversity enhances cognitive diversity (measured as director dissent in the bo

Jun-Koo Kang, Seil Kim, Seungjoon Oh*

ARTICLE | The Accounting Review | Vol.97, 2022

Keywords: Board diversity, cognitive diversity, director voting, dissent, proposal rejection

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Risk Disclosure in Crowdfunding

How should crowdfunding platforms alleviate information asymmetry between creators and crowdfunders? In traditional f

Keongtae Kim, Jooyoung Park,Yang Pan, Kunpeng Zhang, Xiaoquan (Michael) Zhang*

ARTICLE | Information Systems Research | Vol.33, 2022

Keywords: Credibility, crowdfunding, machine learing, natural experiment, risk disclosure

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A Theory of Housing Demand Shocks

Housing demand shocks in standard macroeconomic models are a primary source of house price fluctuations, but those models have difficulties in generating the observed large volatility of house prices relative to rents

Ding Dong, Zheng Liu*, Pengfei Wang, Tao Zha

ARTICLE | Journal of Economic Theory | Vol. 203, 2022

Keywords: Housing demand, house prices, price-rent ratio, heterogenerous beliefs, credit constraints

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Dynamic Price Competition, Learning-by-Doing and Strategic Buyers

We examine how strategic buyer behavior affects equilibrium outcomes in a model of dynamic price competition where

Andrew Sweeting*, Dun Jia, Shen Hui, Xinlu Yao

ARTICLE | American Economic Review | Vol.112, 2022

Keywords: Market-structure, experience, spillovers, equilibria, burve, games

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Media Partisanship and Fundamental Corporate Decisions

Using the introduction of Fox News as a natural experiment, we investigate whether partisanship in television news

April Knill, Baixiao Liu*, John J. McConnell

ARTICLE | Journal of Financial and Quantitative Analysis | Vol.57, 2022

Keywords: Economic-News, bias, slant, risk, information, governance, response, liability, market

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Discussion of "On the possibility of krusell-smith equilibria"

Broer et al (2021) provide an "information criterion" and show the possibility of non-existence of the well-studi

Dun Jia

ARTICLE | Journal of Economic Dynamics and Control | Vol.141, 2023

Keywords: Sentiments, Real business cycles, Self-fulfilling equilibria, Business cycle comovement

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Sentiments and Real Business Cycles

We introduce sentiments under incomplete information in an otherwise standard real business cycle model Individual

Zhiwei Xu, Fei Zhou, Jing Zhou*

ARTICLE | Journal of Economic Dynamics & Control | Vol.141, 2022

Keywords: Sentiments, Real business cycles, Self-fulfilling equilibria, Business cycle comovement

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