2023 - Peking University HSBC Business School(PHBS)

On the Foundations of Competitive Search Equilibrium with and without Market Makers

The literature offers two interpretations of competitive search equilibrium, one based on a Nash approach and the

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

ARTICLE | Journal of Economic Theory | Vol.208, 2023

Keywords: Simultaneous search, Competitive search, Market makers, Efficiency

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Migration, Tariffs, and China’s Export Surge

We built a multi-sector spatial general equilibrium model, featuring heterogeneous firms’ and workers’ lo

Chen Liu*, Xiao Ma

ARTICLE | Journal of International Economics | Vol. 140, 2023

Keywords: International trade; tariffs; labor-market adjustments; migration; firm location choices

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Meetings and Mechanisms

This article shows how meeting frictions affect equilibrium trading mechanisms and allocations in an environment wh

Xiaoming Cai, Pieter Gautier*, Ronald Wolthoff

ARTICLE | International Economic Review | Vol.64, 2023

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Moving Beyond Stage-Gate Project Management

This article describes how German automaker BMW and European airline Air France have developed new approaches to

Christoph Loch, Haijian Si

ARTICLE | Havard Business Review | October 24, 2023

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Asset Pricing with a Financial Sector

In this paper, we study the quantitative asset pricing implications of a financial intermediary that faces a leve

Kai Li*, Chenjie Xu

ARTICLE | Financial Management | Vol.52, 2023

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Political Connections, Competition, and Innovation: The Case of Chinese Firms

This paper studies the causal impact of political connections on innovation Using a unique hand-collected data se

Lei Cheng, Zhimin Li*

ARTICLE | Economic Development and Cultural Change | Vol.71, 2023

Keywords: political connections, corporate innovation, patent application, market competition, China

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Which Market Enhances Market Efficiency by Improving Liquidity? Evidence of Market Liquidity in Relation to Returns of Stocks

Market efficiency can be enhanced by market liquidity if it promotes value creation, leading to increasing stock

Guy Liu, Jinke Li, Andros Gregoriou, Yibo Bo

ARTICLE | Asian Economic Papers | Vol.22, 2023

Keywords: Liquidity, Stock returns, Market Efficiency, Amihud Ratio, German Stock Market, UK Stock Market US Stock Market, China Stock Market

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Information Acquisition, Uncertainty Reduction, and Pre-Announcement Premium in China

We examine the stock market returns in an environment in which the dates of the central bank’s information

Rui Guo, Dun Jia*, Xi Sun

ARTICLE | Review of Finance | Vol.27, 2023

Keywords: Equity premium, Macro announcements, Central bank, Information acquisition

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A Triangulated Approach for Understanding Scientists' Perceptions of Public Engagement with Science

Scientists are expected to engage with the public, especially when society faces challenges like the COVID-19 pand

Mikhaila N. Calice*, Luye Bao, Becca Beets, Dominique Brossard, Dietram A. Scheufele, Noah Weeth Feinstein, Laura Heisler, Travis Tangen, Jo Handelsman

ARTICLE | Public Understanding of Science | Vol.32, 2023

Keywords: Mixed-methods, public engagement, science communication, scientists

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Go with the Politician

Chinese local leaders are frequently moved across prefectures By combining local leader rotation data and comprehe

Yongwei Nian, Chunyang Wang*

ARTICLE | American Economic Journal: Economic Policy | Vol.15, 2023

Keywords: Corruption, Corporate Land, Politician Turnover, China

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