Meetings and Mechanisms
There exists a lot of variation in terms of how buyers and sellers meet, both across sectors and over time as

Xiaoming Cai, Pieter Gautier, Ronald Wolthoff

Working Paper | No.20210704 |

Keywords: Search frictions, directed search, matching function, meeting technology, competing mechanisms, competing auctions

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The Legal Origins of Financial Development: Evidence from the Shanghai Concessions
We assemble new data on the British and French concessions in Shanghai between 1845 and 1936 to assess the lega

Ross Levine, Chen Lin, Chicheng Ma, Yuchen Xu*

Working Paper | No. 20210703 |

Keywords: Comparative law, financial development, China

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The Allocation of Talent and Financial Development, 1897 to 1936
We examine how the supply of talent affected financial development, based on a historical experiment that abruptly

Chen Lin, Chicheng Ma, Yuchen Sun, Yuchen Xu

Working Paper | No. 20210702 |

Keywords: Allocation of talent, human capital, modern banks, financial development, China, civil examination

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Partisan Depositor Responses to a Currency Shock
Depositor responses to a large currency shock vary depending on political views Triggered by a combination of ec

Xiaoyang Gao, Chen Lin, Vesa Pursiainen, Yuchen Xu

Working Paper | No. 20210701 |

Keywords: Currency shock, household behavior, bank deposits, exchange rate risk

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Estimation of a Structural Break Point In Linear Regression Models
This study proposes a point estimator of the break location for a one-time structural break in linearregression m

Yaein Baek*

Working Paper | No. 20210510 |

Keywords: Change point, parameter instability, structural change

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Q-Theory of Investment Revisited: Merton's q
An option pricing framework is utilized to estimate firms’ market value of assets, which are thenused to co

Hursit Selcuk Celil*, Mengyang Chi

Working Paper | No. 20210509 |

Keywords: Investment, Tobin’s

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Leave-One-Out Least Square Monte Carlo Algorithm for Pricing American Options
The least square Monte Carlo (LSM) algorithm proposed by Longstaff and Schwartz (2001) iswidely used for pricing

Jeechul Woo, Chenru Liu, Jaehyuk Choi*

Working Paper | No. 20210508 |

Keywords: American option, Least square Monte Carlo, Look-ahead bias, Leave-one-out-crossvalidation

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The Financial Value of the Within-government Political Network: Evidence from Chinese Municipal Corporate Bonds
This paper examines the effect of the political network of Chinese municipal leaders on the pricingof municipal c

Jaehyuk Choi, Lei Lu, Heungju Park, Sungbin Sohn*

Working Paper | No. 20210507 |

Keywords: Political network, guanxi, local government financing vehicles, municipal corporate bonds, credit risk

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The Effect of Institutional Investor Portfolio Diversification on Corporate Diversification
Do institutional investors’ portfolio diversification strategies reveal their preferences for aconstituent’s

Audra L. Boone, Hursit S. Celil, Seungjoon Oh, Srinivasan Selvam

Working Paper | No. 20210506 |

Keywords: Institutional ownership, indexing, portfolio diversification, corporate diversification, product similarity

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Investment Sensitivity to Lender Default Shocks
We investigate how idiosyncratic lender shocks impact corporate investment Lenders with recentdefault experience wri

Hursit S. Celil, Brandon Julio*, Srinivasan Selvam

Working Paper | No. 20210505 |


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