工作论文 PAPERS
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The Effect of Technological Imitation on Corporate Innovation: Evidence from ...
Using US patent data for the period 1977–2005, we find that there are inverted-Ushaped relationships between the degree of industry-level technological imitation and industry-level innovation activities and between the degree of industry-level
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Idiosyncratic Risk and Acyclically Increasing Public Debt
This paper proposes a politico-economic theory of public debt dynamics that a policy maker decides on fiscal policies for being elected by voters of overlapping generations who face uninsurable idiosyncratic risk on their disposable incomes
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Sticky Dividends: A New Explanation
This study proposes a generalized partial adjustment model of dividends in which managers set target dividends based on adaptively-formed earnings prospects
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Training, Skill-Upgrading and Permanent Migration: Evidence from China
The massive rural-to-urban migration is one of the most important features of China’s labor market during the past decades
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Uncertainty, Major Investments, and Capital Structure Dynamics
This study examines the effects of uncertainty on firms’ capital structure dynamics, finding that high-uncertainty firms have substantially lower target leverage while those firms’ leverage adjustment speeds increase only if they are over-levered
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Investment Spike Financing
This is one of the most comprehensive studies of corporate finance to date, which employs filtering techniques to distinguish between the financing of routine investments and “investment spikes ”