工作论文 PAPERS
-
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
-
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
-
The Financial Value of the Within-government Political Network: Evidence from...
This paper examines the effect of the political network of Chinese municipal leaders on the pricingof municipal c
-
The Effect of Institutional Investor Portfolio Diversification on Corporate D...
Do institutional investors’ portfolio diversification strategies reveal their preferences for aconstituent’s
-
Investment Sensitivity to Lender Default Shocks
We investigate how idiosyncratic lender shocks impact corporate investment Lenders with recentdefault experience wri
-
Asset Pricing with Misallocation
Misallocation reduces total factor productivity and economic growth, implying substantial adversewelfare effects Misa
-
Firms’ Capital Structure Choices and Endogenous Dividend Policies
We analyze capital structure dynamics of publicly held firms within the context of endogenouslydetermined payout po
-
The Role of Information in the Rosen-Roback Framework
In this paper, we relax the underlying assumption of complete information in Rosen-Robacktheory and study the role
-
Policy Uncertainty and Peer Effects: Evidence from Corporate Investment in Ch...
This study investigates whether economic policy uncertainty (EPU) magnifies peer effects in corporate investment in China and the economic mechanisms through which EPU may act upon this property We examine this relationship by analysing a large sample of
-
Limited Risk Sharing in the Great Recession
Firms may want to diversify earnings risk for workers However, firms themselves may be subjectto financial fricti