Gold is a Hedging Asset
While industry investors commonly view gold as a hedging asset, academic studies often find the opposite We show
Aoxiang Yang*
Working Paper | No. 20260605 |
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The Asset Durability Premium
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
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Bargaining and Dynamic Competition
Industries with significant scale economies or learning-by-doing may come to be dominated by a single firm Econom
Shanglyu Deng, Dun Jia, Mario Leccese, Andrew Sweeting
Working Paper | No. 20240601 |
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Fare Structure and the Demand for Public Transit
We study fare structure design and public transit use Leveraging a fare rise in the Beijing Subway that replaced a flat rate with one that varies by distance, time, and offers quantity discounts, we find inelastic demand, inflexible travel schedules, and
Yizhen Gu, Qu Tang, Yacan Wang, Ben Zou*
Working Paper | No. 20240302 |
Keywords: public transit, demand for travel, price elasticity
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Managerial Incentives in the Mutual Fund Industry
The domain of mutual fund management is characterized by an array of incentives that influence the decision-making of fund managers In this article, we provide a survey of the extensive literature on various types of incentives faced by mutual fund manag
Linlin Ma, Yuehua Tang, Yuan Wang
Working Paper | No. 20240301 |
Keywords: mutual funds, managerial incentives, fund managers, fund families, flow-performance relationship, compensation, agency problems, portfolio disclosure, business ties
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Banking Innovations in China: Evidence and Welfare Implications
Understanding the impacts of new technology and innovations on the banking sector is important
and of growing interest However, there is limited research on the detailed channels of these
impacts and, consequently, their evaluations with respect to th
Yicheng Wang, Zhiwei Xu, Weimin Zhou
Working Paper | No. 20231106 |
Keywords: banking innovations, bank risk-taking, welfare effects, general equilibrium
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Leasing, Pecuniary Externality, and Aggregate Efficiency
Firms frequently lease capital, as indicated by the data; however, the impact of leasing on
aggregate efficiency has seldom been studied In this paper, we demonstrate that leasing can
mitigate the inefficiencies caused by pecuniary externalities in ec
Kai Li, Yicheng Wang, Yiming Xu
Working Paper | No. 20231105 |
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Learning, Price Discovery, and Macroeconomic Announcements
We examine the price discovery process in the Chinese equity market Leveraging a unique feature
of China’s market - the release of macroeconomic announcements that are often unscheduled,
varying in time, and occur outside of regular trading hours
Haozhe Han, Grace Xing Hu, Calvin Dun Jia∗
Working Paper | No. 20231104 |
Keywords: Learning, Macroeconomic Announcements, Price Informativeness, Market Efficiency
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Peking University HSBC Business School(PHBS) University Town, Nanshan
District Shenzhen 518055, P.R.China
