2022 - Peking University HSBC Business School(PHBS)

There has been a burgeoning Fintech literature in the past years, especially on cryptocurrencies

Feng Dong, Zhiwei Xu*, Yu Zhang

ARTICLE | Economic Theory | Vol.74, 2022

Keywords: Cryptocurrency, asset bubbles, financial frictions, market sentiment

A Theory of Firm Opacity and Corporate Social Responsibility

We investigate theoretically the effect of firm opacity, the degree of information asymmetry between firms and outside investors,

Linqing You, Zhuoqiong Chen*

ARTICLE | Journal of Banking & Finance | Vol.145, 2022

Keywords: CSR, firm opacity, information asymmertry

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Economic Slowdown and Housing Dynamics in China: A Tale of Two Investments by Firms

We study the housing boom and economic slowdown in China in a dynamic New Keynesian model The model features a

Feng Dong*, Yumei Guo, Yuchao Peng, Zhiwei Xu

ARTICLE | Journal of Money, Credit and Banking | Vol.54, 2022

Keywords: Chinese housing boom, collateral effect, crowing-out effect

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Natural Disasters and the Role of Regional Lenders in Economic Eecovery

We find that Chinese regional state-owned City-Commercial Banks (CCBs) landlocked by their remit to operate within a city, respond to natural disasters more effectively by aggressively expanding credit, especially to corporate borrowers

Hursit S.Celil, Seungjoon Oh*, Srinivasan Selvam

ARTICLE | Journal of Empirical Finance | Vol.68, 2022

Keywords: Financial crisis, bank ownership, credit, system, impact

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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-studied

Dun Jia

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

Keywords: Heterogeneous agent model, information frictions, strategic substitutability

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Bubbly Bailout

We provide a theory to investigate the implications of time-varying bailout policy for rational bubbles in an inf

Feng Dong, Zhiwei Xu*

ARTICLE | Journal of Economic Theory | Vol.202, 2022

Keywords: Asset bubbles, financial risks, bailout, time-varying policy

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Ease-of-Processing Heuristics and Asset Prices: Evidence from the Exchange-Traded Repo Market in China

Prior to May 22, 2017, price information displayed on stock exchanges on certain days and on days prior to mark

Xuyun Fang, Zhiqian Jiang, Baixiao Liu, John J.McConnell, Mingshan Zhou

ARTICLE | Journal of Financial Markets | Vol.59, 2022

Keywords: Cognitive biases, ease-of-processing heuristic, seasonalities, exchange-traded repo

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Media Attention and Regulatory Efficiency of Corporate Violations: Evidence from China

We examine the influence of media attention on the regulatory efficiency of corporate violations in a restrictive

Zhiqian Jiang, Baixiao Liu, Jinsong Liu, Qianwei Ying

ARTICLE | Journal of Accounting and Public Policy | Vol.41, 2022

Keywords: Media attention, regulatory efficiency, corporate violations

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Robust one-way trading with limited number of transactions and heuristics for fixed transaction costs

A one-way trader has a certain amount of goods to trade over a finite period of time, but faces price uncertai

Wei Wang, Yingjie Lan*

ARTICLE | International Journal of Production Economics | Vol.247, 2022

Keywords: Robustness and sensitivity analysis, one-way trading, competitive analysis, mini-max regret, online algorithms

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A Black-Scholes User's Guide to the Bachelier Model

To cope with the negative oil futures price caused by the COVID-19 recession, global commodity futures exchanges

Jaehyuk Choi*, Minsuk Kwak, Chyng Wen Tee, Yumeng Wang

ARTICLE | Journal of Futures Markets | Vol.42, 2022

Keywords: Bachelier model, black-scholes model, displaced diffusion model, normal model formula, spread, motion

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