Working Papers - Peking University HSBC Business School(PHBS)

Policy Uncertainty and Peer Effects: Evidence from Corporate Investment in China

This study investigates whether economic policy uncertainty (EPU) magnifies peer effects in corporate investment in China and the economic mechanisms through which EPU may act upon this property We examine this relationship by analysing a large sample of

Hyun Joong Im, Jane Liu, Young Joon Park*

Working Paper | No. 20210501 |

Keywords: Corporate investment policy, peer effects, economic policy uncertainty, underin-vestment, information cascade

More Details

Limited Risk Sharing in the Great Recession

Firms may want to diversify earnings risk for workers However, firms themselves may be subjectto financial fricti

Yicheng Wang

Working Paper | | No. 20210307

Keywords: Firm insurance, dynamic contracts, search and matching, financial frictions, distributional impact

More Details

Income Volatility and Portfolio Choices

Based on administrative data from Statistics Norway, we find economically significant shifts inhouseholds’ fina

Yongsung Chang, Jay H. Hong, Marios Karabarbounis, Yicheng Wang, Tao Zhang

Working Paper | | No. 20210306

Keywords: Income volatility, portfolio choice, risky share

More Details

Quality Signaling through Crowdfunding Pricing

Problem definition: This paper studies an entrepreneur’s pricing strategy in a reward-basedcrowdfunding campaign

Ehsan Bolandifar, Zhong Chen, Panos Kouvelis, Weihua Zhou

Working Paper | | No. 20210305

More Details

Venture Capital Coordination in Syndicates, Corporate Monitoring, and Firm Performance

This paper examines how the coordination of venture capital (VC) investors in their syndicates, asmeasured by thei

Jun-Koo Kang, Yingxiang Li, Seungjoon Oh

Working Paper | | No. 20210304

Keywords: Venture capital, geographic concentration, coordination, monitoring, exit, staged financing, board

More Details

Co-Movement of Steady-State Government Debt and Household Debt

To understand whether and how movements of government debt and household debt are related, stationary equilibrium

Insook Lee

Working Paper | | No. 20210303

Keywords: Government debt, household debt, co-movement, uninsurable income risk

More Details

Downward Wage Rigidity, Corporate Investment, and Firm Value

Firms reduce investment when facing downward wage rigidity (DWR), the inability or unwillingness to adjust wages d

DuckKi Cho

Working Paper | | No. 20210302

Keywords: Downward wage rigidity, corporate investment, minimum wage laws, theory of second best

More Details

It's Not Who You Know - It's Who Knows You: Employee Social Capital and Firm Performance

We show that the social capital embedded in employees’ networks contributes to superior firmperformance and p

DuckKi Cho, Lyungmae Choi, Michael Hertzel, Jessie Jiaxu Wang

Working Paper | | No. 20210301

Keywords: Labor and Finance, social capital, social connections, directed networks

More Details

Shadow Union in Local Labor Markets and Capital Structure

This paper identifies an externality of a firm s unionization that affects the capital structure decisions of other

DuckKi Cho, Lyungmae Choi

Working Paper | No. 20210201 |

Keywords: Shadow Union, Capital Structure, Local Labor Market, Threat of Unionization

More Details

Home Location Choices and the Gender Commute Gap

Using administrative records of home mortgages in Beijing, we show that households systematically choose to buy new homes that are closer to the wife’s workplace

Yizhen Gu, Naijia Guo, Jing Wu, Ben Zou

Working Paper | No. 20210105 |

Keywords: Gender gap, Commute to work, Housing demand

More Details

LINKS

CONTACT US

3D CAMPUS