phbs
Outside Directors’ Insider Trading Around Board Meetings
Using a novel dataset of US companies’ regular board meeting schedules, we find evidence of informed trading

Seil Kim, Seungjoon Oh*

ARTICLE | Review of Accounting Studies | Vol. 29, 2024

Keywords: Board meeting, Outside directors, Insider trading

More Details
Financial Constraints, Cash Flow Timing Patterns and Asset Prices
We show that firms collect almost 70% of their cash flows in the second half of the fiscal year, and that fir

Weiping Hu, Kai Li*, Xiao Zhang

ARTICLE | Journal of Financial Economics | Vol. 157, 2024

Keywords: Cash flows, Cash flow timing patterns, Asset prices, Equity financing costs

More Details
Intermediary-Based Equity Term Structure
We demonstrate that a financial intermediary-based asset pricing model offers a compelling explanation for a new s

Kai Li*, Chenjie Xu

ARTICLE | Journal of Financial Economics | Vol. 157, 2024

Keywords: Equity term structure, Financial intermediary, Mean reversion, Relative tightness index, Discount rate

More Details
The Agricultural Wage Gap within Rural Villages
We use unique data on daily labor-market outcomes for Indian casual workers to study labor reallocation between a

Ceren Baysan, Manzoor H. Dar, Kyle Emerick, Zhimin Li*, Elisabeth Sadoulet

ARTICLE | Journal of Development Economics | Vol. 168, 2024

Keywords: Wage gap, Agriculture, Structural change, Dual economy, Urbanization

More Details
EPS Sensitivity and Mergers
Announcements of mergers where the target is offered stock very often discuss the impact of the deal on the acq

Sudipto Dasgupta, Jarrad Harford, Fangyuan Ma*

ARTICLE | Journal of Financial and Quantitative Analysis | Vol. 59, 2024

Keywords: mergers, acquisitions, EPS, short-termism, method-of-payment

More Details
Motivating Collusion
We examine how executive compensation can be designed to facilitate product market collusion We look at the 2013

Sangeun Ha, Fangyuan Ma, Alminas Žaldokas*

ARTICLE | Journal of Financial Economics | Vol. 154, 2024

Keywords: Product market collusion, Corporate governance, Managerial compensation

More Details
Confidence Intervals of Treatment Effects in Panel Data Models with Interactive Fixed Effects
We augment the factor-based estimation of treatment effects proposed by Bai and Ng (2021) with easy-to-implement a

Xingyu Li, Yan Shen, Qiankun Zhou*

ARTICLE | Journal of Econometrics | Vol. 240, 2024

Keywords: Bootstrap, Confidence interval, Treatment effects, Panel data analysis, Interactive fixed effects, Nonstationarity

More Details
Price Rigidities and the Value of Public Information

Lifeng Gu, Jin Xie*

ARTICLE | Journal of Accounting Research | Vol. 62, 2024
More Details
Local Effects of Global Capital Flows: A China Shock in the U.S. Housing Market

Zhimin Li, Leslie Sheng Shen*, Calvin Zhang

ARTICLE | Review of Financial Studies | Vol. 37, 2024
More Details
College Expansion, Trade, And Innovation: Evidence from China

Xiao Ma*

ARTICLE | International Economic Review | Vol. 65, 2024
More Details
1 / 2
Next