Abstrat:We study how the market for technology (facilitated by the establishment of patent exchanges in China) affects innovation specialization. We find that the market for technology induces (i) specialization between patent buyers and sellers, (ii) specialization between patent licensors and licensees, and (iii) specialization based on a firm’s R&D efficiency. All these three specialization...

Oct 10, 2025

Abstract:Social media, on which signals are often correlated, has become a primary source of information.How do people form beliefs when reading correlated signals online? In a field experiment on Weibo, we exposed Chinese college students to redundant negative posts about civil service jobs. Consequently,students developed a 0.16 standard deviation more negative view of these jobs and were 11%...

Sep 25, 2025

Abstract:Locus of control (LOC) has been recognized as a key individual disposition shaping employee behavior; however, its relationship with risk-taking behaviors such as prohibitive voice remains inconclusive. This research extends the literature by theorizing and testing a U-shaped relationship between LOC and prohibitive voice. Drawing upon the demands-abilities fit framework, we propose th...

Sep 13, 2025

Abstract:In their recent work, Rintamäki, Parker, and Spicer (2025) introduce a distinct type of devious actors, “institutional parasites,” and offer an insightful framework for understanding the impact of these individuals on institutional change. They conceptualize institutional parasites as initially supportive of an established institution but detrimental to it over the long term. They al...

Sep 5, 2025

On May 28, 2025, Xiaohong Chen, Malcolm K. Brachman Professor of Economics at Yale University, Member of the American Academy of Arts and Sciences and the first China-based Fellow of the Econometric Society, presented her research at Peking University Guanghua School of Management's "Distinguished Scholars Forum."

Aug 14, 2025

Abstract：We examine the information asymmetry between local and nonlocal investors with a large dataset of stock message board postings. We document that abnormal relative postings of a firm, that is, unusual changes in the volume of postings from local versus nonlocal investors, capture locals' information advantage. This measure positively predicts firms' short-term stock returns as well as ...

Jul 7, 2025

Abstract:The rapid growth of online network platforms generates large-scale network data and it poses great challenges for statistical analysis using the spatial autoregression (SAR) model. In this work, we develop a novel distributed estimation and statistical inference framework for the SAR model on a distributed system. We first propose a distributed network least squares approximation (DNLS...

Jul 4, 2025

Professors Xiaolei Liu and Yingguang Zhang from Peking University’s Guanghua School of Management have recently published a paper in the Review of Finance, a prestigious academic journal. Their coauthored work, titled CEO Turnover, Sequential Disclosure, and Stock Returns, offers novel insights into the impact of CEO changes on stock prices, a long-debated topic within the financial sector. Th...

Apr 24, 2025

In January 2025, Yu-Jane Liu and Juanjuan Meng from Peking University's Guanghua School of Management published a paper in the Review of Financial Studies titled Effects of Credit Expansions on Stock Market Booms and Busts. The research investigates whether credit expansions affect stock prices, a relationship less clear than the established link between mortgage credit and real estate prices. ...

Apr 21, 2025

Recently, Xiang Haotian, a young faculty member at Peking University’s Guanghua School of Management, published another significant paper in the prestigious international financial journal, the Journal of Financial Economics (JFE). The paper is titled Rules versus discretion in capital regulation. This marks his second publication in JFE within six months, following his previous paper, "Bank h...

Apr 10, 2025