Working Papers - Peking University HSBC Business School(PHBS)

Nonparametric Quantile Regressions for Panel Data Models with Large

This paper considers panel data models where the conditional quantiles of the dependent variables are additively separable as unknown functions of the regressors and the individual effects

Liang Chen

Working Paper | No. 20210104 |

Keywords: Panel data, Quantile regressions, incidental parameters, Jackknife, Bias correction

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Two-Step Estimation of Quantile Panel Data Models with Interactive Fixed Effects

This paper considers the estimation of panel data models with interactive fixed effects where the idiosyncratic errors are subject to conditional quantile restrictions

Liang Chen

Working Paper | No. 20210103 |

Keywords: Panel data, Interactive fixed effects, Smoothed quantile regressions, Principal component analysis, Analytical bias correction, Split-panel jackknife

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Land Cronyism and Corporate Political Cycles in China

This paper measures the degree of industrial land subsidy to a firm using the ratio of the market value of land in the neighborhood to the price at which the firm purchased the land from the local government

Chunyang Wang, Qinghua Zhang

Working Paper | No.20210102 |

Keywords: Cronyism, land, Political turnover, China

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Predicting Recession Probabilities Using Term Spreads: New Evidence from a Machine Learning Approach

The literature on using yield curves to forecast recessions typically measures the term spread as the difference between the 10-year and the three-month Treasury rates

Jaehyuk Choi, Desheng Ge, Kyu Ho Kang, Sungbin Sohn

Working Paper | No. 20210101 |

Keywords: Yield Curve, Estimation risk, Density forecasting

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Does Outlawing Mandatory Retirement Reduce Public-Pension Benefit Claim?

Exploiting the 2011 abolishment of the mandatory-retirement provision that had allowed employers to force retirement of their 65-or-older employees in the UK, this paper estimates the effect of outlawing mandatory retirement on public-pension benefit

Insook Lee

Working Paper | No. 2020002 |

Keywords: mandatory retirement, public-pension claim, household head

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Idiosyncratic Risk and Acyclically Increasing Public Debt

Understanding observed cyclical properties of public debt is important The existing theories predict that public debt is only countercyclical (i e , increasing in recessions and decreasing in booms)

Insook Lee

Working Paper | No. 2020001 |

Keywords: Government Debt, Cyclicality of Public Debt, Idiosyncratic Risk, Acyclical Public Debt

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ICT Use, Cognitive and Non-cognitive Abilities, and Wages: Micro Evidence from China

On determining wages in the labor market, recent scholarly attention has been drawn toward individual abilities and external technological environment, in addition to conventional human capital theory With the advancement of information and communication

Ting Ren, Xinguo Yu, Man Luo

| Working Paper | No. 2018005

Keywords: Human Capital, ICT Use, Cognitive and Non-cognitive Abilities, Wages

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Family Ties and Employment Behavior: The Role of Financial Intermediaries

We study the interaction effect of financial intermediaries and family ties on people’s labor participation and employment type in China Although the effects of financial intermediaries and family ties on employment behavior have already been studied

Ting Ren, Wenyuan Liu

| Working Paper | No. 2018004

Keywords: Employment Behavior, Employment Type, Family Ties, Financial Intermediaries, Labor Participation

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Coping with Air Pollution: The Role of Cognitive and Non-cognitive Abilities on Mental Health

Considered as a key component of human capital, mental health has drawn substantial scholarly attention for its effect on people’s health status and economic outcome When facing the challenge of stress, people’s heterogeneity in cognitive ability

Ting Ren, Xinguo Yu, Weiwei Yang

| Working Paper | No. 2018003

Keywords: Air Pollution, Cognitive Ability, Non-cognitive Ability, Mental Health

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The Effect of Technological Imitation on Corporate Innovation: Evidence from US Patent Data

Technological imitation may play a crucial role in motivating firms to innovate However, theoretical predictions and empirical findings on the role of imitation have not yet reached a consensus

Hyun Joong Im, Janghoon Shon

| Working Paper | No. 2018002

Keywords: Corporate innovation, Technological imitation, Value of innovation, Innovation Cluster, Agglomeration

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