​The construction of a valuation system with Chinese characteristics is a crucial step towards enhancing the adaptability and pivotal role of the capital market and supporting the high-quality development of China's economy.

Nov 6, 2024

Do digital payment technologies generate liquidity premia like cash and Treasury? We provide an estimate in the context of the world’s largest digital payment platform, Alipay. Our empirical strategy exploits the variation in the timing of the introduction of money market funds that users on this platform can hold and use for digital transactions.

Nov 5, 2024

AbstractWe examine the impact of firm social media engagement on sales performance, answering“whether,” “what,”and“how”questions. The study uses a quasi-experimental design in a social e-commerce setting, for which propensity score matching and difference-in-differences methods quantify a mean 20.67% sales increase after firm social media adoption. We also find that firms that sell low-in...

Oct 16, 2024

How does a citizen’s decision to participate in political activism depend on the participation of others? We conduct a nationwide natural field experiment in collaboration with a major European party during a recent national election. In a party survey, we randomly provide canvassers with true information about the canvassing intentions of their peers.

Sep 20, 2024

Abstract Return predictability has been one of the central research questions in finance for many decades. This paper proposes a predictive regression with multiple structural changes to capture the sporadic predictive ability of potential predictors for the return series.

Sep 20, 2024

Abstract The paper considers testing and signal identification for covariance matrices from two populations of marginally sub-Gaussian distributed. A multi-level thresholding procedure is proposed for testing the equality of two high-dimensional covariance matrices, which is designed to detect sparse and faint differences between the covariances. A novel U-statistic composition is developed to ...

Sep 11, 2024

This paper addresses the gap by comparing the responses of traditional taxis and ridesharing platforms like Uber to unexpected urban events. Using a difference-in-differences econometric model on large-scale trip data, we find that ridesharing platforms outperform traditional taxis in handling uncertainties caused by anomalies.

Sep 5, 2024

The article is about a quantitative model with long-term debt where shareholders cannot commit to not dilute existing lenders with new debt issuances.

Sep 3, 2024

Organizations around the globe are increasingly focusing on Diversity, Equity, and Inclusion (DEI) to create fair and equitable workplaces. However, the effectiveness of DEI initiatives often depends on whether these practices are implemented in isolation or as part of a comprehensive strategy. A recent study by Dr. Kaifeng Jiang and his coauthors, published in the Academy of Management Journal, delves into how three main categories of DEI practices—resource, non-discrimination, and accountability—interact and impact turnover rates for women and racialized employees and leaders.

Jun 12, 2024

We investigate how exposure to the One-Child Policy (OCP) during early adulthood affects marriage and fertility in China.

May 31, 2024