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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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How Gift Prices Affect Gratitude? “Right” Gift-Price Effect
Five studies show that recipients are most likely to appreciate gifts of monetary values aligning with their expe

Jooyoung Park, Mengshu Chen, Jungkeun Kim

Working Paper | No. 20211102 |

Keywords: Appreciation, culture, gift prices, relationship closeness, thoughtfulness

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The Technical Default Spread
We study the quantitative impact of lender control rights on firm investment, asset prices, and the aggregate eco

Emilio Bisetti, Kai Li, Jun Yu*

Working Paper | No. 20211101 |

Keywords: Loan covenants, technical default, creditor control rights, cross section of stock returns

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Dynamic Price Competition, Learning-By-Doing and Strategic Buyers
We examine how strategic buyer behavior affects equilibrium outcomes in a model of dynamic price competition where

Andrew Sweeting, Dun Jia, Shen Hui, Xinlu Yao

Working Paper | No.20210908 |

Keywords: Dynamic competition, learning-by-doing, strategic buyers, dynamic games, multiple equilibria

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Adjustable Regret for Continuous Control of Conservatism and Competitive Ratio Analysis
A major issue of the increasingly popular robust optimization is the tendency to produce overly conservative solut

Yingjie Lan

Working Paper | No.20210907 |

Keywords: Robust optimization, decision criteria, over-conservatism, online optimization, competitive ratio analysis, one-way trading

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The Influence of Media Slant on Short Sellers
Using the positive shift in tone of Fox News coverage of macroeconomic news after the Republican Bush election i

April Knill, Baixiao Liu, John J. McConnell, Glades McKenzie

Working Paper | No.20210906 |

Keywords: Media Slant, short seller, investment decisions

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