发表论文

06
Mar
2024
Guojun He

Does the Squeaky Wheel Get More Grease? The Direct and Indirect Effects of Citizen Participation on Environmental Governance in China

We conducted a nationwide field experiment in China to evaluate the direct and indirect impacts of assigning firms to public or private citizen appeals when they violate pollution standards. There are three main findings. First, public appeals to the regulator through social media substantially reduce violations and pollution emissions, while private appeals cause more modest environmental improvements. Second, public appeals appear to tilt regulators' focus away from facilitating economic growth and toward avoiding pollution-induced public unrest. Third, pollution reductions by treated firms are not offset by control firms, based on randomly varying the proportion of treated firms at the prefecture level.
2024-03-06
American Economic Review
25
Jan
2024
Prof. Zhenhui Jack Jiang

中文语境下的人工智能大语言模型评测报告——2024年港大经管学院深圳研究院人工智能研究所最新发布

2024年1月25日,港大经管学院蒋镇辉教授领导的人工智能大模型评测团队发布了一份关于通用大语言模型的评测报告。评测团队对多个主流大语言模型在中文环境下进行了综合评测,并公布了相应的排行榜。
2024-01-25
2024年港大经管学院深圳研究院人工智能研究所最新发布
19
Dec
2023
Leung, F., Gu, F.*, Wang, D., & Tang, Y.

Navigating the Double-Edged Sword: Executive hubris and its impact on customer acquisition and retention

This research employs upper echelons theory to examine whether executive hubris augments a firm's customer acquisition while concurrently impairing its customer retention. Drawing on an information processing perspective, we suggest that the influence of executive hubris on customer acquisition and retention is shaped by executives' selective attention to information. This influence is observed to amplify in the presence of market uncertainty and recede with an increase in firm product market experience. We validate these predictions through a mixed-method research design. Study 1 includes an original survey that gathers multi-informant responses, coupled with the subsequent year's ROA data, to assess the role of hubris and the moderating effects of market uncertainty and firm product market experience. Study 2 consists of two experimental studies that manipulate executive hubris to test its causal influence on customer acquisition and retention. Moreover, we utilize an eye-tracking method to examine whether the proposed influence is driven by executives' selective information processing. Our findings enhance the existing literature on upper echelons and marketing strategy, providing practical insights to align executive traits with firms' marketing objectives.
2023-12-19
International Journal of Research in Marketing
14
Sep
2023
GUOJUN HE

Reducing single-use cutlery with green nudges: Evidence from China’s food-delivery industry

Rising consumer demand for online food delivery has increased the consumption of disposable cutlery, leading to plastic pollution worldwide. In this work, we investigate the impact of green nudges on single-use cutlery consumption in China. In collaboration with Alibaba’s food-delivery platform, Eleme (which is similar to Uber Eats and DoorDash), we analyzed detailed customer-level data and found that the green nudges—changing the default to “no cutlery” and rewarding consumers with “green points”—increased the share of no-cutlery orders by 648%. The environmental benefits are sizable: If green nudges were applied to all of China, more than 21.75 billion sets of single-use cutlery could be saved annually, equivalent to preventing the generation of 3.26 million metric tons of plastic waste and saving 5.44 million trees.
2023-09-14
Science
04
Aug
2023
Zhengyang Bao, Difang Huang

Gender-specific favoritism in science

Is the strength of favoritism from social ties gender-dependent? Collecting election data of the most distinguished Chinese scientific academies over a decade, we find favoritism from some social connections, such as sharing a hometown, college, or employer, between recruiters and candidates, can benefit men more than women. These results are robust to conservative econometrics specifications, alternative measures of social connections, quality of peer candidates, and gender composition of recruitment teams. As a result, women need better objective scientific achievements to succeed; most of this gender disparity is attributed to gender-specific favoritism. These results indicate the existence of gender imparity after controlling for social connections.
2023-08-04
Journal of Economic Behavior & Organization
01
Aug
2023
Yanbo Wang

Who Captures the State in China? Evidence from Irregular Awards in a Public Innovation Grant Program

Access to state-controlled resources can be a major source of firm-level competitive advantage. However, we know little regarding which firms are most likely positioned to capture the state and access resources beyond what their rule-complying merits command. This is partially due to the challenge in identifying irregular state funding that violates official resource-allocation rules. We study a leading innovation grant program in China, and we leverage unique access to the focal grant agency’s
administrative data to trace its grant allocation process. We observe occurrences of rule-violating funding and show that firms vary in capability to influence the agency’s funding decision, depending on geographic proximity, as well as other institutional variables. The observed irregular awards are most likely associated with crony capitalism rather than bureaucratic heroism.
2023-08-01
Strategic Management Journal
27
Jul
2023
Dr.Haishi LI

We Are All in the Same Boat: Cross-Border Spillovers of Climate Risk through International Trade and Supply Chain

Are assets in a landlocked country subject to sea-level rise risk? In this paper, we study the cross-border spillovers of physical climate risks through international trade and supply chain linkages. As we base our findings on historical data between 1970
2023-07-27
IMF WORKING PAPERS
06
Jul
2023
He (Michael) Jia

Final Price Neglect in Multi-Product Promotions: How Non-Integrated Price Reductions Promote Higher-Priced Products

Price reductions take either an integrated form (e.g., a discount shown directly on the price tag) or a non-integrated form (e.g., a discount contained in a coupon sent to consumers and thus separate from the price tag). This research examines how non-integrated versus integrated promotions influence choices among vertically differentiated products. Under an integrated promotion (e.g., $10 off) applicable to multiple products (e.g., original list prices: $50 vs. $30), consumers directly compare these products’ post-promotion final prices displayed on their price tags (after a reduction of $10: $40 vs. $20).
2023-07-06
JCR Journal of Consumer Research
03
Jul
2023
Wu, Boyao, Difang Huang, Muzi Chen

Estimating contagion mechanism in global equity market with time-zone effect

This paper proposes a time-zone vector autoregressive (VAR) model to investigate comovements in the global financial market. Analyzing daily data from 36 national equity markets, we explore the subprime and European debt crises using static analysis and the COVID-19 crisis through a rolling window method. Our study of comovements using VAR coefficients reveals a resonance effect in the global system. Findings on densities and assortativities suggest the existence of the transmission mechanism in all periods and abnormal structural changes during the crises. Strength analysis uncovers the information transmission mechanism across continents over normal and turmoil periods and emphasizes specific stock markets' unique roles. We examine dynamic continent strengths to demonstrate the contagion mechanism in the global equity market over an extended period. Incorporating the time-zone effect significantly enhances the VAR model's interpretability. Signed networks provide more information on global equity markets and better identify critical contagion patterns than unsigned networks.
2023-07-03
Financial Management
28
Jun
2023
Dr. Ye LUO

Estimation and inference of treatment effects with L2-boosting in high-dimensional settings

Empirical researchers are increasingly faced with rich data sets containing many controls or instrumental variables, making it essential to choose an appropriate approach to variable selection. In this paper, we provide results for valid inference after
2023-06-28
Journal of Econometrics
28
Feb
2023
Prof. Haipeng SHEN

Testing and support recovery of correlation structures for matrix-valued observations with an application to stock market data

Estimation of the covariance matrix of asset returns is crucial to portfolio construction. As suggested by economic theories, the correlation structure among assets differs between emerging markets and developed countries. It is therefore imperative to ma
2023-02-28
Journal of Econometrics
23
Jan
2023
Dr. Mingzhu TAI

Lending Next to the Courthouse: Exposure to Adverse Events and Mortgage Lending Decisions

Adverse market events can affect credit supply not only by hurting financial fundamentals but also by changing the risk-taking behaviors of individual decision makers. We provide micro-level evidence of this individual decision-making channel in the U.S.
2023-01-23
Journal of Financial and Quantitative Analysis
24
Jul
2022
Dr. Hongsong Zhang

Input prices, productivity, and trade dynamics: long-run effects of liberalization on Chinese paint manufacturers

The authors would like to thank the editor Marc Rysman, two anonymous referees, Pol Antràs, Loren Brandt, Paola Conconi, Jan De Loecker, Ulrich Doraszelski, Kala Krishna,
2022-07-24
The Rand Journal of Economics
01
Jul
2022
Dr. Jing LI

Strategic Nondisclosure in Takeovers

We examine takeover auctions when an informed bidder has better information about the target value than a rival and target shareholders. The informed bidder...
2022-07-01
The Accounting Review
17
Jun
2022
Dr. Hailiang CHEN

SocioLink: Leveraging Relational Information in Knowledge Graphs for Startup Recommendations

While venture capital firms are increasingly relying on recommendation models in investment decisions, existing startup recommendation models fail to consider the uniqueness of venture capital context
2022-06-17
Journal of Management Information Systems
01
Jun
2022
Prof. Kevin Zheng ZHOU

Performance feedback and export intensity of Chinese private firms: Moderating roles of institution-related factors

Building on the behavioral theory of the firm and institutional view, we examine how performance feedback (i.e., a focal firm’s performance relative to its industry peers) affects export intensity and how institution-related factors moderate this relation
2022-06-01
International Business Review
28
May
2022
Dr. Yang YOU

Converging to Convergence

Empirical tests in the 1990s found little evidence of poor countries catching up with rich—unconditional convergence—since the 1960s, and divergence over longer periods. This stylized fact spurred several developments in growth theory, including AK models
2022-05-28
NBER Macroeconomics Annual 2021
19
May
2022
Prof. Yulin FANG

The Role of Vendor Legitimacy in IT Outsourcing Performance: Theory and Evidence

Information technology (IT) outsourcing relationships today are facing increasingly turbulent environments.
2022-05-19
Information Systems Research
01
Mar
2022
Dr.Guojun HE

Guns and roses: Police complicity in organized prostitution

Police complicity in organized crime is not uncommon, yet it is extremely difficult to examine empirically. Using unique sex transaction data from China, we show that police can be complicit in organized prostitution
2022-03-01
Journal of Public Economics
28
Nov
2021
Prof. Chen LIN

Globalization and U.S. Corporate Tax Policies: Evidence from Import Competition

This paper studies how globalization affects the corporate tax policies of U.S. manufacturing firms. Using U.S.-granting China Permanent Normal Trade Relations as a quasi-natural experiment, we find a significant increase in tax reduction activities for f
2021-11-28
Management Science
28
Aug
2021
Prof. Chen LIN

Deposit Supply and Bank Transparency

Does a bank’s dependence on different external funding sources shape its voluntary disclosure of information? We evaluate whether economic shocks that increase the supply of bank deposits alter the cost–benefit calculations of bank managers concerning vol
2021-08-28
Management Science
28
Jul
2021
Dr. Ye LUO

Shape-Enforcing Operators for Generic Point and Interval Estimators of Functions

A common problem in econometrics, statistics, and machine learning is to estimate and make inference on functions that satisfy shape restrictions. For example, distribution functions are nondecreasing and range between zero and one
2021-07-28
Journal of Machine Learning Research
28
Jun
2021
Prof. Chen LIN

How Did Depositors Respond to COVID-19?

Why did banks experience massive deposit inflows during the pandemic? We discover that deposit interest rates at bank branches in counties with higher COVID-19 infection rates fell by more than rates at branches—even branches of the same bank—in counties
2021-06-28
The Review of Financial Studies
08
Jun
2021
Dr. Hongsong ZHANG

Does External Monitoring from the Government Improve the Performance of State-Owned Enterprises?

In this paper we investigate the impact of external monitoring from the government on state-owned enterprise performance, using the variation in monitoring strength arising from a nationwide policy change and firms’ geographic location in China. We utilis
2021-06-08
The Economic Journal
31
Mar
2021
Dr. Fangzhou LU

The real value of China’s stock market

What capital allocation role can China’s stock market play? Counter to perception, stock prices in China have become as informative about future profits as they are in the US. This rise in stock price informativeness has coincided with an increase in inve
2021-03-31
Journal of Financial Economics
31
Mar
2021
Prof. Chen LIN

Finance and Firm Volatility: Evidence from Small Business Lending in China

The online trading platform Alibaba provides financial technology (FinTech) credit for millions of micro, small, and medium-sized enterprises (MSMEs). Using a novel data set of daily sales and an internal credit score threshold that governs the allocation
2021-03-31
Management Science
01
Feb
2020
Prof. Echo Wen WAN

The Influence of Product Anthropomorphism on Comparative Judgment

The present research proposes a new perspective to investigate the effect of product anthropomorphism on consumers’ comparative judgment strategy in comparing two anthropomorphized (vs. two nonanthropomorphized) product options in a consideration set.
2020-02-01
Journal of Consumer Research
14
Jan
2020
Prof.Haipeng SHEN

Hazard rate estimation for call center customer patience time

Estimating the hazard function of customer patience time has become a necessary component of effective operational planning such as workforce staffing and scheduling in call centers
2020-01-14
Operations Engineering & Analytics
28
Jan
2019
Dr. Yang YOU

Bubbles for Fama

We evaluate Eugene F. Fama's claim that stock prices do not exhibit price bubbles. Based on US industry returns (1926‒2014) and international sector returns (1985‒2014), we present four findings (1) Fama is correct in that a sharp price increase of an ind
2019-01-28
Journal of Financial Economics

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