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Motivating Collusion
We examine how executive compensation can be designed to motivate product market collusion We look at the 2013

Sangeun Ha, Fangyuan Ma, Alminas Žaldokas

Working Paper | No. 20220303 |

Keywords: Product market collusion, corporate governance, managerial compensation

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Delineating China’s Metropolitan Areas Using Commuting Flow Data
This paper provides the first delineation of China’s commuting-based metropolitan areas (MAs)using a new sourc

Ting Chen, Yizhen Gu, Ben Zou

Working Paper | No. 20220302 |

Keywords: Metropolitan areas, local labor market, commuting flows

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Lease-Adjusted Productivity Measurement
We document that leased capital accounts for more than 30% of the total productive physical assets used by US p

Weiwei Hu, Kai Li, Yiming Xu

Working Paper | No. 20220301 |

Keywords: Leased capital, productivity estimation, firm-level productivity, productivity growth, mismeasurement

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Leasing as a Mitigation Channel of Capital Misallocation
Leased capital accounts for about 20% of the total productive physical assets used by US publicly listed firms,

Kai Li, Yiming Xu

Working Paper | No. 20220103 |

Keywords: Leased capital, collateral constraint, capital misallocation, capital reallocation

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Leasing as a Mitigation of Financial Accelerator Effects
We document that leased capital accounts for about 20% of total physical productive assets used by US public fir

Kai Li, Jun Yu

Working Paper | No. 20220102 |

Keywords: Leased capital, business cycles, financial accelerator, uncertainty, risk shocks

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Local Government Debt and Regional Competition in China
The GDP tournament among local governments plays a crucial role in supporting China’s growthmiracle Investmen

Xi Qu, Zhiwei Xu*, Jinxiang Yu

Working Paper | No. 20220101 |

Keywords: Local Government Debt, regional competition, government debt reform, Chinese economy

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The Effect of Abusive Management Practices on Employee’s Intention to Quit: An Empirical Study
In the workplace, manager’s abusive behaviors, such as ridicule or silent treatments towards their subordinate

Fanmin Kong, Mengjiao Li

Working Paper | No. 20211106 |

Keywords: Abusive management practices, intention to quit, leader-member exchange, post-1990’s employees

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Winners from Winners: A Tale of Risk Factors
Starting from the twelve distinct risk factors from Fama and French (1993, 2015, 2018), Hou, Xue, and Zhang (201

Siddhartha Chib, Lingxiao Zhao, Guofu Zhou

Working Paper | No. 20211105 |

Keywords: Model comparison, factor models, anomaly, discount factor, portfolio analysis

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Revisiting the Forward Rate Unbiasedness Hypothesis
This research takes a forward rate unbiasedness hypothesis (FRUH) perspective to the study of event-detection and

Cindy S.H. Wang*, Cheng Hsiao, Yi-Chi Chen

Working Paper | No. 20211104 |

Keywords: Fractionally integrated process, autoregressive (AR) approximation, spurious regression, persistent time series, foreign exchange rate unbiasedness hypothesis (FRUH)

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How Does Declining Worker Power Affect Investment Sensitivity to Minimum Wage?
Declining worker power has been advanced as an explanation for dramatic generational changes in the U S macroecon

Sreedhar T. Bharath, DuckKi Cho, Michael Hertzel*

Working Paper | No. 20211103 |

Keywords: Declining worker power, corporate investment, minimum wage, globalization

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