Working Papers - Peking University HSBC Business School(PHBS)

| |

| |

| |

| |

| |

| |

While industry investors commonly view gold as a hedging asset, academic studies often find the opposite We show

Aoxiang Yang*

Working Paper | No. 20260605 |

We develop volatility risk premium (VRP) timing strategies that involve trading two assets: a volatility asset and

Aoxiang Yang*

Working Paper | No. 20240604 |

We examine the incentives motivating a mutual fund family to launch ESG funds, aiming to understand the supply-si

Fangyuan Ma, Linlin Ma, Yuan Wang, Bo Xu*

Working Paper | No. 20240603 |

Keywords: ESG, Mutual fund family, Spillover effect, Fund flows, Affection-based judgement, Fund proliferation

Durable capital is harder to finance not only due to its greater down payment, but also because of its larger

Dun Jia, Kai Li, Chi-Yang Tsou∗

Working Paper | No. 20240602 |

Keywords: durability; financial constraints; collateral, cross-section of stock returns