Macroeconomics Session 1 - econ.fudan.edu.cn · JUNE 15, 2018, 10 am – 11.30 am; Meeting Room 2, 4th Floor, Guanghua Building Macroeconomics Session 1 Chair: Yichen Gao Valuation

JUNE 15, 2018, 10 am – 11.30 am; Meeting Room 2, 4th Floor, Guanghua Building

Macroeconomics Session 1

Chair: Yichen Gao

Valuation of Chinese REER and NEER

Yichen Gao, Capital University of Economics and Business

Online Borders of the U.S. Dollar: Price Stickiness and Exchange Rate Sensitivities

Calvin Dun Jia, Renmin University of China

A Triangular PPP Hypothesis

Peijie Wang, The University of Plymouth and Fudan University



Chair: Andrea Giovannetti

Formation of Multi-sector Economies and Trade-Credit: Can Banks Amplify Contagion Risk?

Andrea Giovannetti, The University of Technology Sydney

Welfare and Optimal Bank Capital Structure: A Macro-Finance Approach

Paul Luk, Hong Kong Baptist University



Chair: Alexandre Dmitriev

Technological Transfers, Limited Commitment and Growth

Alexandre Dmitriev, The University of Auckland

Technology Network, Innovation and Growth

Jingong Huang, The University of Nottingham Ningbo China

Investment-Specific Technical Change as a Factor of Economic Growth

Juliana Yu Sun, Singapore Management University



Chair: Peng Liu

Trade Credit and the Transmission of Uncertainty Shocks: The Interaction of Liquidity Shortage and

Collateral Constraints

Peng Liu, Bonn Graduate School of Economics, The University of Bonn

The Role of Corporate Saving over the Business Cycle: Shock Absorber or Amplifier?

Shaofeng Xu, Department of Economics, Bank of Canada



Chair: Guannan Luo

Rebuilding Household Credit Histories: Slow Jobless Recovery from Mortgage Crises

Guannan Luo, City University of Hong Kong

Animal Spirits, Financial Markets and Aggregate Instability

Bo Zhang, The Southwestern University of Finance and Economics

On Targeting Frameworks and Optimal Monetary Policy

Junzhu Zhao, Nanjing Audit University


Econometrics Session 1

Chair: Bin Chen

Testing for Structural Change by Isotonic Regression

Bin Chen, Department of Economics, The University of Rochester

Structural Change and the Problem of Phantom Break Locations

Yao Rao, The University of Liverpool

Optimal Window Selection for Forecasting in the Presence of Recent Structural Breaks

Yongli Wang, The University of Leicester



Chair: Yicong Lin

GLS Estimation and Confidence Sets for the Date of a Single Break in Models with Trends

Yicong Lin, Department of Quantitative Economics, School of Business and Economics, Maastricht University

Regime Switching Models with Multiple Dynamic Factors

Shi Qiu, Department of Economics, Indiana University

How to Distinguish Abrupt Structural Breaks from Smooth Structural Changes

Yuying Sun, Department of Economics, The Chinese Academy of Sciences

JUNE 15, 2018, 10 am – 11.30 am; Room 206, Guanghua Building


Chair: Merrick Li

A Simple Measure of Microstructure Noise

Merrick Li, The University of Amsterdam

Reexamining Financial and Economic Predictability with New Estimators of Realized Variance and

Variance Risk Premium

Xiuping Mao, School of Finance, Zhongnan University of Economics and Law

A Novel Approach to Estimate the Cox Model with Temporal Covariates and Application to Medical Cost

Data

Xiaoqi Zhang, School of Finance, Zhejiang University of Finance and economics



Chair: Haitao Huang

Co-movements and Asymmetric Tail Dependence in State Housing Prices in US: A Nonparametric Approach

Haitao Huang, Department of Risk Management and Insurance, Robinson College of Business, Georgia State University

Modeling Stylized Stock Return Features in High Frequency Data with a Vine Copula

Cathy Ning, School of Finance, Department of Economics, Ryerson University

The Extreme Co-movement between U.S. and Global Stock Markets

Weijia Wang, School of Economics, Central University of Finance and Economics



Chair: Ruijun Bu

A Nonlinear Transformed Multifactor Diffusion Model with Applications to VIX and VIX Futures

Ruijun Bu, The University of Liverpool

Level Shift Estimation in the Presence of Non-stationary Volatility with an Application to the Unit Root

Testing Problem

Hsein Kew, Monash University

The Cross Sectional Distribution across Firm: Some New Inference on the Survival Analysis

Maoshan Tian, Cardiff Business School, Cardiff University

JUNE 15, 2018, 10 am – 11.30 am; Room 201, School of Economics

Microeconomics Session 1

Chair: Chuang Du

Solving Payoff Sets of Perfect Public Equilibria: An Example

Chuang Du, Institute of Economics, The Chinese Academy of Social Sciences

Wars of Attrition with Private Budgets

Heng Liu, The University of Michigan

Skill and Occupation: Substitutable or Complementary?

Liang Shao, School of Economics, Henan University



Chair: Xin Feng

Procurement Design with Optimal Sequential R&D

Xin Feng, The University of International Business and Economics

Competing for Talents: The Role of Job Offer Acceptance Deadline

Xin Zhao, Economics Discipline Group, The University of Technology Sydney

Competition in Matching Markets: Evidence from College Admissions in China’s Top Two Universities

Xiaohan Zhong, School of Economics and Management, Tsinghua University



Chair: Haifeng Fu

On the Characterization of Nash Equilibrium Action Distribution in Large Distributional Games

Haifeng Fu, Xi’an Jiaotong-Liverpool University

The Impact of Long-Term Contract on Market Competition

Dawen Meng, School of Economics, Shanghai University of Finance and Economics

Optimal Dynamic Information Acquisition

Weijie Zhong, Columbia University


Public Economics Session 1

Chair: Darong Dai

Voting over Selfishly Optimal Income Tax Schedules with Tax-Driven Migrations

Darong Dai, Texas A&M University

The Insurance Value of Progressive Taxation with Heterogeneous Risk Aversion

Zhiqi Zhao, Clemson University



Chair: Jingnan Liu

Tournament Educational Systems

Jingnan Liu, The University of Wisconsin-Madison

The Effect of Optional Early Entry on Pupils’ Schooling Attainment

Giuseppe Rose, Department of Economics Statistics and Finance, The University of Calabria, Italy

Changing Opportunity Costs and Household Investment in Education

Ruichao Si, Department of Economics, Texas A&M University

JUNE 15, 2018, 2 pm – 3.30 pm; Meeting Room 4, 4th Floor, Guanghua Building


Chair: Chi Wan Cheang

Threshold Fractionally Co-Integrated VAR Model and Application to Volatility Index Premium

Chi Wan Cheang, Department of Economics, The University of Southampton

Improved Inferences in Fund Performance Evaluation Using Time-Varying Fund Alphas and Betas: A

Nonparametric Approach

Tingting Cheng, Nankai University

Information Theoretic Estimation of Econometric Functions

Millie Yi Mao, Department of Economics, The University of California, Riverside



Chair: Andrea Naghi

Identification Robust Predictive Ability Testing

Andrea Naghi, Department of Econometrics, Erasmus University

Fixed-smoothing Asymptotics of an Exactly (Almost) Unbiased Long Run Variance Estimator in Hypothesis

Testing

Jingjing Yang, The University of Nevada, Reno

Mixing Mixed Frequency Macroeconomic Forecasting Models with High Frequency Volatility and Risk

Factors: An Empirical Assessment

Chun Yao, Department of Economics, Rutgers University



Chair: Naijing Huang

Weak Inference for Time-Varying DSGE Models

Naijing Huang, Central University of Finance and Economics

DSGE-VAR(λ) for a Model Evaluation Revisited

Jae-Yoon Kim, Virginia Polytechnic Institute and State University

Autoregressive Spectral Averaging Estimator

Biing-Shen Kuo, Department of International Business, National Chengchi University



Chair: Ying Lun Cheung

Sieve Estimation of Time-Varying Factor Loadings

Ying Lun Cheung, Goethe University Frankfurt

Graphical Models for Multivariate Time Series Using Wavelets

Maria Grith, Department of Econometrics, Erasmus University Rotterdam

Semi-Parametric Estimation for Heterogeneous Time-Varying Panel Data Models

Fei Liu, Monash University



Chair: Wanbo Lu

A Misspecification Test for the Higher Order Co-Moments of the Factor Model

Wanbo Lu, School of Statistics, The Southwestern University of Finance and Economics

Linear Errors-in-Variables and Dependent Factor Models

Dan Ben-Moshe, Hebrew University of Jerusalem

JUNE 15, 2018, 2 pm – 3.30 pm; Room 201, School of Economics


Chair: Mingli Chen

Nonlinear Panel Models with Interactive Effects

Mingli Chen, The University of Warwick

Estimation and Inference for Three-Dimensional Factor Models

Liangjun Su, Singapore Management University

Measuring Value-at-Risk in Large Portfolios Using Dynamic Factor Model

Yanyun Zhao, Zhongnan University of Economics and Law

JUNE 15, 2018, 2 pm – 3.30 pm; Room 208, Guanghua Building

China’s Economy Session 1

Chair: Ding Li

Debt Risk and Community Asset Right—Empirical Evidence from China

Ding Li, The Southwestern University of Finance and Economics

Can Environmental Regulation and Enterprise Production Efficiency Run in Parallel? Results from Big

Data Analysis

Malin Song, Anhui University of Finance and Economics

Income Growth, Air Pollution and Public Health

Zhengge Tu, Central China Normal University



Chair: Guojun He

Environmental Regulation and Firm Productivity: A Regression Discontinuity Design

Guojun He, The Hong Kong University of Science and Technology

Shadow Banking Activities in Non-Financial Firms: Evidence from China

Chang Li, East China Normal University

Economic Policy Uncertainty, State Ownership, and Credit Allocation

Xiaoran Ni, School of Economics, Xiamen University


Industrial Organization Session 1

Chair: Ke Liu

Collusion among Experts

Ke Liu, The Hong Kong University of Science and Technology

Is Merger a Good News for Their Vertical Integrated Partners? Thoughts on Firm Boundary and Efficiency

Zexuan Liu, Tianjin University of Finance and Economics

When is Upstream Collusion Profitable?

Zhiyong Yao, School of Management, Fudan University



Chair: Hisayuki Yoshimoto

Auction Mechanisms and Bidding Behavior in Bond Markets: Evidence from China

Hisayuki Yoshimoto, Adam Smith Business School, The University of Glasgow

Strategic Product Spotlighting on Online Marketplace

Haojun Yu, Shanghai University of Finance and Economics


Development Economics Session 1

Chair: Sisir Debnath

No Free Lunch: Using Technology to Improve the Efficacy of School Feeding Programs

Sisir Debnath, Indian School of Business

Contract Design in China’s Rural Land Rental Market: Contractual Flexibility and Rental Payment

Ziyan Yang, Department of Economics, Xiamen University



Chair: Jin Ho Kim

Minimum Wage and Women’s Decision Making Power within Households: Evidence from Indonesia

Jin Ho Kim, The George Washington University

Minimum Wage and Firm Level Markup-Evidence from China

Ruili Zhao, School of Economics, Fudan University



Chair: Xin Geng

Aid, Policies and Growth: A Nonlinear Reassessment

Xin Geng, The International Food Policy Research Institute

Estimating the Effects of Educational System Contraction: The Case of China’s Rural School Closure

Initiative

Fan Wang, The University of Houston


Health Economics Session 1

Chair: Kamhon Kan

The impact of education on mortality: Evidence from a compulsory education reform in Taiwan

Kamhon Kan, Institute of Economics, Academia Sinica

A Panel Data Analysis of Hospital Variations in Length of Stay for Hip Replacements: Private versus Public

Yan Meng, Monash University

Detecting Waste in Health Care via Hospital Sorting

Reo Takaku, Institute for Health Economics and Policy, Japan


Behavioral Economics Session 1

Chair: Binglin Gong

An Experimental Study of the Competitive Saving Motive

Binglin Gong, Faculty of Economics and Management, East China Normal University

The Downside of Being Upbeat: Cognitive Biases Compel Consumers to Save Less and Borrow More

Viet Nguyen, The University of Melbourne

How Does Competition Affect People Economically and Emotionally?

Jaesun Lee, Tongji University

JUNE 15, 2018, 4.45 pm – 6.15 pm; Meeting Room 1, 4th Floor, Guanghua Building


Chair: Lemin Bei

Ramsey Income Taxation in a Small Open Economy with a Complete International Asset Market and

Endogenous Risk Sharing

Lemin Bei, National Tsing Hua University

Implementing the Modified Golden Rule? Optimal Ramsey Capital Taxation with Incomplete Markets

Revisited

Yunmin Chen, Shandong University

Corporate Income Tax, Legal Form of Organization, and Employment

Shi Qi, The College of William and Mary



Chair: Dingming Liu

How Does Government Spending News Affect Interest Rates? Evidence from the United States

Dingming Liu, The Wang Yanan Institute for Studies in Economics, Xiamen University

Marginal Income Tax and Income Inequality: A Narrative Approach

Yifan Shen, Institute of Politics and Economics, Nanjing Audit University



Chair: Ling Feng

Financial Frictions and Trade Dynamics

Ling Feng, School of Finance, The Shanghai University of Finance and Economics

The Duration of Sovereign Default

Jie Luo, National Institute for Fiscal Studies, School of Economics and Management, Tsinghua University

Financial Friction Sources in Emerging Economies: Structural Estimation of Sovereign Default Models

Takefumi Yamazaki, Policy Research Institute, Ministry of Finance Japan



Chair: Julio Dá vila

Optimal Human Capital Bequeathing

Julio Dá vila, The Center for Operations Research and Econometrics, The University of Louvain

Education Mismatch and Earnings Inequality

Rongsheng Tang, Shanghai University of Finance and Economics

Endogenous Skills and Labor Income Inequality

Guanyi Yang, St. Lawrence University and The Ohio State University



Chair: Been-Lon Chen

Optimal Long-Run Money Growth Rate in a Cash-in-Advance Economy with Labor-Market Frictions

Been-Lon Chen, Academia Sinica

Sectoral Composition of Government Spending, Distortionary Income Taxation, and Macroeconomic

(In)stability

Jang-Ting Guo, The University of California, Riverside

Long Live the Vacancy

Christian Haefke, Social Science Division, New York University, Abu Dhabi



Chair: Yang Jiao

Financial Crises, Bailout and Optimal Monetary Policy in Open Economies

Yang Jiao, Fanhai International School of Finance, Fudan University

Government Spending during Sudden Stop Crises

Siming Liu, Indiana University

Sectoral Co-movement during the Great Recession

Gang Zhang, Cheung Kong Graduate School of Business


Finance Session 1

Chair: Ai Jun Hou

Long- and Short-Run Components of Factor Betas: Implications for Equity Pricing

Ai Jun Hou, Stockholm University

Inflation Risk, Time-Varying Fear and the Cross-Section of Stock Returns

Ming Zeng, Singapore Management University

Medical Innovation, Labor Productivity, and the Cross Section of Stock Returns

Tong Zhou, Sun Yat-Sen University


Finance Session 2

Chair: Qiyu Wang

Inter-Dealer Trades in OTC Markets—Who Buys and Who Sells?

Yujing Xu, The University of Hong Kong

Consumption Betas and the Cross-Section of Option Returns

Shuwen Yang, Alliance Manchester Business School, The University of Manchester

Asset Pricing with Revolving Loans

Qiyu Wang, Zhejiang University of Finance and Economy

JUNE 15, 2018, 4.45 pm – 6.15 pm; Room 206, Guanghua Building

Finance Session 3

Chair: Shuo Cao

Fundamental Disagreement about Monetary Policy and the Term Structure of Interest Rates

Shuo Cao, Shenzhen Stock Exchange

Term Structure of Recession Probabilities and the Cross-Section of Asset Returns

Ti Zhou, The Southern University of Science and Technology


Finance Session 4

Chair: Xiaping Cao

Price Up-Limit and Divergence of Opinion on IPOs, Evidence from a Quasi Natural Experiment

Xiaping Cao, Lingnan College, Sun Yat-Sen University

Is 100 Percent Debt Optimal? A Study of the Aggressive Capital Structure and Myth of Negative Book

Equity Firms

Yi Liu, The University of North Texas

Second Home Country Bias? Director Country-Specific Experience and Cross-Border Mergers and

Acquisitions

Shu Lin, Department of Economics, The Chinese University of Hong Kong

JUNE 15, 2018, 4.45 pm – 6.15 pm; Room 201, School of Economics

International Trade Session 1

Chair: Binlei Gong

Effects of Trade on Agricultural Production in the GATT and WTO periods: Evidence from a Panel of 126

Countries 1962–2014

Binlei Gong, Zhejiang University

The Role of Managers’ Country-Specific Experiences in Outward Foreign Direct Investment: Evidence from

Chinese Listed Firms

Tong Qi, College of Business, Shanghai University of Finance and Economics

The Effect of Trade Liberalization on Internal Migration: Evidence from China

Wei Yang, The University of North Dakota



Chair: Jaewon Jung

Offshoring and Sequential Production Chains: A General Equilibrium Analysis

Jaewon Jung, Korea Economic Research Institute

International Liberalization and Intranational Deviations from Law of One Price

Zhiyuan Li, Fudan University

Trade and Spatial Propagation of Housing Market Fluctuations

Jing Zhao, The Chinese University of Hong Kong



Chair: Joseph Mai

Tariff Cooperation in Free Trade Area

Joseph Mai, Tongji University

Multi-product Exporters and Antidumping: Evidence from China

Min Zhu, The University of Trento and The University of Helsinki

Export Decision, Tax Rebates and Wage: Evidence from Chinese Manufacturing Firms

Shuoxun Zhang, Department of Finance, School of Economics and Wang Yanan Institute for Studies in Economics, Xiamen

University


Labor Economics Session 1

Chair: Evgenia Dechter

What Explains the Decline in Crime in the U.S.? Evidence from Micro Data

Evgenia Dechter, The University of New South Wales

Immigration and Crime: The 2015 Refugee Crisis in Germany

Yue Huang, Otto von Guericke University Magdeburg

Health, Crime, and the Labor Market: Theory and Policy Analysis

Yuki Otsu, Washington University in St. Louis



Chair: Zibin Huang

The Effect of Children Number and Sex on Parents’ Migration Decision: Evidence from One Child Policy in

China

Zibin Huang, The Department of Economics, The University of Rochester

Labor Market Discrimination in Russia: Evidence from Field Experiment

Nikita Riabushkin, Siberian University of Consumer Cooperation

Better Economy, More Babies? New Evidence on the Effects of Economic Conditions on Childbearing

Emily Yiying Zheng, The Chinese University of Hong Kong, Shenzhen


Urban Economics Session 1

Chair: Ruixin Wang

Fiscal Fragmentation and the Spatial Distribution of Crime Rates in the United States

Ruixin Wang, Hong Kong Baptist University

Winning at the Starting Line: The Elite School Education Premium and House Prices in Beijing

Bo Zhao, Peking University



Chair: Xuefeng Pan

Housing Wealth, Credit Constraints and Household Consumption: New Micro Evidence from China

Xuefeng Pan, The University of International Business and Economics

The Wealth Effect in the G7 House Business Cycle: FIML Markov Switching Approach

Jae-Ho Yoon, Department of Real Estate, Hanyang University

JUNE 15, 2018, 4.45 pm – 6.15 pm; Room 801, School of Economicsmicro

Political Economics Session 1

Chair: Tianyang Xi

Better than On-the-Job Training: National Leaders’ Work Experience and Economic Performance

Tianyang Xi, Peking University

Structural Change, Urban Bias and the Political Economy of Rural Land Policy in China

Wei Xiao, Research Institute of Economics and Management, The Southwestern University of Finance and Economics



Chair: Yang Xie

Crony Capitalism, the Party-State, and Political Boundaries of Corruption

Yang Xie, The University of California at Riverside

The Interaction of Communities, Religion, Governments, and Corruption in the Enforcement of Contracts

and Social Norms

Yiqing Xing, Johns Hopkins University

War, Peace, and the Making of the State: A Theory of Social Order

Wang Yijiang, Cheung Kong Graduate School of Business



Chair: Karen Xueqing Yan

Estimation of Functional-Coefficient Spatial Autoregressive Dynamic Panel Data Models with Fixed Effects

Karen Xueqing Yan, Department of Economics, Texas A&M University

Partially Linear Functional-Coefficient Dynamic Panel Data Models: Sieve Estimation and Specification

Testing

Qiankun Zhou, Department of Economics, Louisiana State University



Chair: Kunpeng Li

Spatial Panel Data Models with Structural Change

Kunpeng Li, Capital University of Economics and Business

A Penalized Likelihood Approach to Estimation and Inference in Spatial Autoregressive Models with

Unknown Spatial Weight Matrices

Lu Liu, The University of California, Los Angeles

The LLN and CLT for Kernel-Weighted U-Processes of Spatially Dependent Data with Applications to

Nonparametric Model Specification Testing

Yiguo Sun, Department of Economics and Finance, The University of Guelph



Chair: Sida Peng

Heterogeneous Endogenous Effects in Networks

Sida Peng, Microsoft Research

Consistent Specification Testing under Network Dependence

Xi Qu, Shanghai Jiao Tong University

Econometric Analysis of Production Networks with Dominant Units

Cynthia Fan Yang, Department of Economics, The University of Southern California



Chair: Xiaoyi Han

A Spatial Modeling Approach for Dynamic Network Formation and Interactions

Xiaoyi Han, The Wang Yanan Institute for Studies in Economics (WISE), Xiamen University

Estimation of Social Interactions in Endogenous and Strategically Formed Networks

Shuyang Sheng, Department of Economics, The University of California at Los Angeles

Covariate-Assisted Spectral Clustering in Dynamic Networks

Yubo Tao, Sinagpore Management University



Chair: Zhongjian Lin

Misclassification and the Hidden Silent Rivalry

Zhongjian Lin, Emory University

Simultaneous Equations with Binary Outcomes and Social Interactions

Xiaodong Liu, Department of Economics, The University of Colorado Boulder

Estimation of a Social Interaction Model with Endogenous Network Formation

Huibin Weng, The University of Cincinnati



Chair: Zhutong Gu

Additive Separability and Excess Unobserved Heterogeneity: A Test for Hicks-neutral Productivity Shocks in

U.S. Manufacturing Industry

Zhutong Gu, Peking University HSBC Business School

Nonparametric Tests for Monotonicity of Bidding Strategy in First-Price Auctions

Nianqing Liu, Shanghai University of Finance and Economics

Hidden Importance of Wine Scores in Fine Wine Auctions

Siqi Song, The University of York


Environmental Economics Session 1

Chair: Steven Kou

Exhaustible Resources with Adjustment Costs: Spot and Futures Prices

Steven Kou, National University of Singapore

A Description of the Market for Informal Taxis in Beijing

Antung Anthony Liu, School of Public and Environmental Affairs, Indiana University

Climate Policy under Cooperation and Competition between Regions with Spatial Heat Transport

Yongyang Cai, The Ohio State University



Chair: Shuai Chen

The Effect of Air Pollution on Mental Health: Evidence from China

Shuai Chen, China Academy for Rural Development (CARD), Zhejiang University

The Effect of Nuclear Accidents on Land Prices: Evidence from Fukushima-Daiichi in Japan

Yoshinori Nishimura, Chiba Institute of Technology

Coastal Wetlands Reduce Property Damage During Tropical Cyclones

Fanglin Sun, The University of California



Chair: Ying Bai

Political Hierarchy and Regional Development: China, A.D., 1000-2000

Ying Bai, The Chinese University of Hong Kong

Air Pollution and Cognitive Function: Evidence from Crop Production Cycle in China

Wangyang Lai, Shanghai University of Finance and Economics

Air Pollution and Brain Drain: Evidence from Job Location Choices of College Graduates

Hong Song, School of Economics, Fudan University



Chair: Tingting Li

The Evolution of Corruption and Development in Transitional Economy: Evidence from China

Tingting Li, International School of Business and Finance, Sun Yat-Sen University

The Effects of Fuel Standards on Air Pollution: Evidence from China

Jin Wang, The Hong Kong University of Science and Technology

Economic Growth, Financial Development and Energy Consumption: Evidence from G20

Xingyuan Yao, Zhejiang Financial College.



Chair: Yu Hao

Bring Down the Gentry: The Abolition of Exam, Local Governance and Anti-Gentry Rebellions, 1902-1911

Yu Hao, Peking University

Elite or State: Public Goods Provision in the Grain Market in Eighteenth Century China

Cong Liu, School of Economics, Shanghai University of Finance and Economics

Institutional Discrimination and Assimilation: Evidence from the Chinese Exclusion Act

Bin Xie, Institute for Economic and Social Research, Jinan University



Chair: Yangguang Huang

Structural Analysis of Tullock Contests with an Application to U.S. House of Representatives Elections

Yangguang Huang, The Hong Kong University of Science and Technology

Estimation of a Four Component Semiparametric Stochastic Production Frontier Model with Endogenous

Regressors and Determinants of Inefficiency

Kai Sun, Shanghai University

Identification of Dynamic Games with Unobserved Heterogeneity and Multiple Equilibrium: Global Fast-

Food Chains in China

Ruli Xiao, Indiana University



Chair: Haizhen Lin

Multimarket Contact in Health Insurance: Evidence from Medicare Advantage

Haizhen Lin, Indiana University and The National Bureau of Economic Research

Verifiability and Fraud in a Dynamic Credence Goods Market

Jialiang Lin, The Hong Kong University of Science and Technology

Incentives for Research Agents and Performance-Vested Equity-Based Compensation

Yaping Shan, The University of Adelaide



Chair: Scott E. Atkinson

Using Cost Functions to Measure Productivity and Abatement Efficiency: An Application to Coal-Fired

Power Plants

Scott E. Atkinson, Department of Economics, The University of Georgia, Athens, GA

Total-Factor Spillovers, Similarities, and Competitions in the Petroleum Industry

Binlei Gong, Zhejiang University

A Model of Multiproduct Firm Growth

Bingchao Huangfu, Zhongnan University of Economics and Law


Health Economics Session 2

Chair: Chuang Du

Price Regulation and Medical Overtreatment in China

Chuang Du, Institute of Economics, The Chinese Academy of Social Sciences

The Long Shadows of War in China: Battle Shocks in Early Life and Health/Wealth Accumulation

Jian Li, University of Luxembourg



Chair: Shiyi Chen

Dual-Track Interest Rate and Capital Misallocation

Shiyi Chen, Fudan University

Bin Lin, Fudan University

Agricultural Inputs, Urbanization and Urban-Rural Income Disparity: Evidence from Fertilizer Use in

China

Shuai Shao, Shanghai University of Finance and Economics

Economic Policy Uncertainty and Corporate Tax Burden: Evidence from China

Hongsheng Fang, Zhejiang University

Dandan Dang, Zhejiang University



Chair: Erin P.K. So

Are Crises Sentimental?

Erin P.K. So, Hong Kong Baptist University

US Monetary Policy and the G7 House Business Cycle: FIML Markov-Switching Approach

Jae-Ho Yoon, Department of Real Estate, Hanyang University

Semiparametric Stochastic Frontier Model with Zero Inefficiency: A Case Study of China with Firm Level

Data

Feng Yao, West Virginia University and Guangdong University of Foreign Studies



Chair: T. Terry Cheung

Tractor Adoption and the Peculiar Agricultural Fertility Rate

T. Terry Cheung, Washington University in St. Louis

Zombie Firms and Misallocation Dynamics in China

Wei Li, School of Economics and Management, Beihang University

Spatial Misallocation across Chinese Firms

Yang Tang, Nanyang Technological University, Singapore



Chair: Kazuki Hiraga

Fragility in Modeling Consumption Tax Revenue

Kazuki Hiraga, Tokai University

Loss Aversion, Inefficiency and Policy Interventions

Meng Li, The Southwestern University of Finance and Economics.

Financial Innovation and Macroeconomic Volatility: Evidence from a Markov Switching Structural

Bayesian Vector Autoregression Model

Tao Peng, The Southwestern University of Finance and Economics



Chair: Evgenia Dechter

Technological Change, Business Cycle and the Wage Structure

Evgenia Dechter, The University of New South Wales

Structural Change and Aggregate Employment Fluctuations in China and the US

Wen Yao, Tsinghua University

Skill-Replacing Technological Change and the Skill Premium: Theory and Evidence

Wenbo Zhu, The University of International Business and Economics



Chair: Kiyoka Akimoto

Corruption, Mortality and Fertility Rates, and Development

Kiyoka Akimoto, Graduate School of Economics, Osaka University

House Values and Auto Sales

Rong Li, School of Finance, Renmin University of China

Mobility of Top Earnings, Income, and Wealth in China: Facts from 2011-2015 China Household Finance

Survey

Ting Zeng, The Southwestern University of Finance and Economics



Chair: Feng Dong

Cycles of Credit Expansion and Misallocation: The Good, the Bad and the Ugly

Feng Dong, Shanghai Jiao Tong University

Multi-market Simultaneous Search: More Can Be Less

Chao He, Shanghai University of Finance and Economics

Asset Pricing Equilibria with Indivisible Goods

Liang Wang, The University of Hawaii Manoa



Chair: Guangling Liu

Flow-Specific Capital Controls for Emerging Markets

Guangling Liu, The University of Stellenbosch

Uncertainty and Mutual Fund Flows

Xingdi Tian, City University of Hong Kong

Income Volatility and Portfolio Choices

Yicheng Wang, The University of Oslo



Chair: Daxin Dong

The Applicability of Okun’s Law: Sectoral Heterogeneity Matters

Daxin Dong, The Southwestern University of Finance and Economics

Expenditure versus Time Across Households and Across Decades

Lei Fang, Federal Reserve Bank of Atlanta

Labor Market Dynamics of Developing Economies: the Role of Subsistence Consumption

Myungkyu Shim, Sogang University



Chair: Masaki Nakabayashi

Weak Growth with the Strong Family: Patriarchal Origin of the Welfare State Capacity

Masaki Nakabayashi, Institute of Social Science, The University of Tokyo

Flight to Housing

Zhiwei Xu, Shanghai Jiao Tong University

Capital in Transition: Housing and Sectoral Reallocation in the Long Run

Xintong Yang, Capital University of Economics and Business



Chair: Yonghong An

Identification of Decision Making under Subjective Expectations

Yonghong An, Department of Economics, Texas A&M University

Demand Estimation with the Quality’s Subjective Evaluations

Evgeniya Goryacheva, The University of Technology Sydney

Simulation-Based Estimation and Inference of Production Frontiers

Yichong Zhang, Singapore Management University



Chair: Xiao Huang

Local Composite Quantile Regression Smoothing: Flexible Data Structure and Cross-validation

Xiao Huang, Kennesaw State University

Quantile Regression with Interval Data

Yuya Sasaki, Vanderbilt University



Chair: Sukjin Han

Identification in Nonparametric Models for Dynamic Treatment Effects

Sukjin Han, The University of Texas at Austin

Kernel Estimation for Panel Data with Heterogeneous Dynamics

Ryo Okui, New York University Shanghai

Inference in Non-Parametric/Semi-Parametric Moment Equality Models with Shape Restrictions

Yu Zhu, Bank of Canada



Chair: Qihui Chen

Robust and Optimal Estimation for Partially Linear Instrumental Variables Models with Partial

Identification

Qihui Chen, The Chinese University of Hong Kong, Shenzhen

High Dimensional Semiparametric Moment Restriction Models

Chaohua Dong, School of Economics, The Southwestern University of Finance and Economics

Large System of Seemingly Unrelated Regressions: A Penalized Quasi-Maximum Likelihood Estimation

Perspective

Qingliang Fan, The Wang Yanan Institute for Studies in Economics, Xiamen University


Finance Session 5

Chair: Lisha Li

Examining Corporate Bond at the Zero Lower Bound

Lisha Li, Department of Economics and Related Studies, The University of York

Social News Sentiment and Equity Trading Indicators

Siqi Pei, Department of Decision Sciences and Managerial Economics, The Chinese University of Hong Kong

Anti-Corruption and Bank Lending

Cheng Sun, Guanghua School of Management, Peking University


Finance Session 6

Chair: Qi Xu

Prospect Theory and the Cross-Section of Currency Returns

Qi Xu, Zhejiang University

Global Positioning Risk and FX Trading Strategies

Huichou Huang, City University of Hong Kong, Jupiter Asset Management

Volatility, Intermediaries, and Exchange Rates

Yang Liu, The University of Hong Kong


Finance Session 7

Chair: Andreas Heinen

Geographic Dependence and Diversication in House Price Returns: the Role of Leverage

Andreas Heinen, Thé orie Economique, Modé lisation et Applications (THEMA), Université de Cergy-Pontoise

Hedging Home Prices

William Mingyan Cheung, Waseda Business School

Oil Price in the Real Economy

Haicheng Shu, School of Economics, The Southwestern University of Finance and Economics


Finance Session 8

Chair: Md Iftekhar Hasan Chowdhury

A Cross Country Study of Spillovers in Islamic Equity Markets

Md Iftekhar Hasan Chowdhury, School of Economics and Finance, Massey University, Auckland, New Zealand

Testing the Fama-French Model for Different Market Trends - Evidence from the Chinese Stock Market

Yu Wang, School of Economics and WISE, Xiamen University



Chair: Ju Hu

Consumer Search and Optimal Information

Ju Hu, National School of Development, Peking University

Getting Information from the Enemies

Qinggong Wu, The Chinese University of Hong Kong



Chair: Meichen Chen

Global Games with Interim Information Acquisition

Meichen Chen, Washington University in St. Louis

Efficient Kidney Exchange with Dichotomous Preferences

Yao Cheng, The University of York

A Revelation Principle for Perfect Correlated Equilibrium

Yongchuan Qiao, National University of Singapore



Chair: Dirk Bethmann

A Theory of Child Adoption

Dirk Bethmann, Korea University

A Comparison between Rank-Order Contests and Piece Rate Contracts: Theory and Evidence in the Case

with Sabotage

Zhe Wang, National University of Singapore

Relational Contracts with Multitask Jobs

Bingyong Zheng, Shanghai University of Finance and Economics



Chair: Helu Jiang

Cohabitation, Marriage, and Fertility: Divergent Patterns for Different Education Groups

Helu Jiang, Washington University in St. Louis

The Land Market, Science Education and the Needham Puzzle

Shiyuan Pan, School of Economics, Zhejiang University and the Center for Research of Private Economy, Zhejiang

University

Chinese House Prices

Yao Yao, Birmingham Business School, The University of Birmingham



Chair: Jingchao Li

Sticky Wages, Private Consumption and Fiscal Multipliers

Jingchao Li, East China University of Science and Technology

Testing for Monetary-Fiscal Regime: Some Caveats

Fei Tan, Chaifetz School of Business, Saint Louis University

China’s Fiscal Multiplier and Its State Dependence

Wen Zhang, Renmin University of China



Chair:

The Quantity Theory of Money: An Empirical and Quantitative Reassessment

Xi Wang, Washington University



Chair: Hao Jin

Financial Openness, Bank Capital Flows and the Effectiveness of Macroprudential Policies

Hao Jin, The Wang Yanan Institute for Studies in Economics (WISE) and School of Economics, Xiamen University

Macroprudential Policy Simple Rules in Small-Open Economies

Jiao Wang, The University of Melbourne



Chair: Wenlan Luo

The Consumer Credit Channel of Monetary Policy

Wenlan Luo, School of Economics and Management, Tsinghua University

Learning to Lever

Wenting Song, The University of Michigan

Spillover of Economic Policy Uncertainty from US to China

Jing Zhou, School of Economics, Fudan University



Chair: Hye Mi You

Rising Earnings Risk and Wealth Distribution with Housing

Hye Mi You, Hanyang University

Stimulus Policy, Financial Friction, Corporate Debt and Economic Slowdown in China

Min Zhang, East China Normal University

Uncertainty, Liquidity, and Financial Cycles

Ge Zhou, Zhejiang University



Chair: Xiying Liu

Accounting for the International Quantity-Quality Tradeoff

Xiying Liu, Wuhan University

The Effects of External Shocks on the Business Cycle in China: A Structural Change Perspective

Michael Murach, FernUniversitä t in Hagen, Germany

Identifying Unconventional Monetary Policy Shocks

Kiyotaka Nakashima, Konan University


Finance Session 9

Chair: Min Dai

Robo-Advising: A Dynamic Mean-Variance Approach

Min Dai, National University of Singapore

Learning from the Consumption-Wealth Ratio: Portfolio Management Implications

Hanlin Yang, The University of Zurich

Exploring Style Herding by Mutual Funds

Caterina Santi, Scuola Superiore Sant’Anna


Finance Session 10

Chair: Vinh Dang

Not All Shadow Banking is Bad! Evidence from Credit Intermediation of Non-financial Chinese Firms

Vinh Dang, Nanjing University of Finance and Economics

Differential Effects of Unconventional Monetary Policy on Japanese Syndicated Loan Contracts

Sumiko Takaoka, Seikei University

Heterogeneous Bank Moral Hazard to Loan Guarantee Expansion Shocks: Evidence from the U.S. Small

Business Administration (SBA) Loans

Hyun Lee, The University of Connecticut


Finance Session 11

Chair: Jin Cao

Financial Globalization and Bank Lending: The Limits of Domestic Monetary Policy?

Jin Cao, Research Department, Norges Bank, Bankplassen

Endogenous Risk-Taking and Optimal Bank Industry Structure

Xiaoming Li, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

A Model of Bank Credit Cycles

Tong Xu, The Southwestern University of Finance and Economics



Chair: Naijia Guo

Subjective Well-being and Changes in Inequality: Does Experienced Intergenerational Mobility Matter?

Naijia Guo, The Chinese University of Hong Kong

Motives for Intergenerational Transfers: Some New Evidence from a Semiparametric Two-Index Approach

Lu Wang, Rutgers, The State University of New Jersey- New Brunswick

A Simple Economics of Inequality: Market Design Approach

Yosuke Yasuda, Osaka University



Chair: Luming Chen

Does Entry Deregulation Boost Entrepreneurial Activity? Evidence from China’s Business Registration

Reform

Luming Chen, Peking University

Labor Market Frictions, Capital, and Tax Competition

Kangoh Lee, San Diego State University

The Flypaper Effect on Firm R&D Expenditure: Evidence from China

Xuan Wang, Department of Economics, University of Michigan



Chair: Shuai Chen

The Origins of Populism: Evidence from the Great Recession and Immigration Crisis in the U.S.A.

Shuai Chen, Tilburg University, The Netherlands

Soviet Collectivization and Within-Family Homicides: Evidence from China’s Cultural Revolution

Danli Wang, Shanghai University of International Business and Economics

Good Bye Chiang Kai-shek? The Long-Lasting Effects of Education under the Authoritarian Regime in

Taiwan

Bai Yu, The University of Bologna



Chair: Naibin Chen

Audience v Critics: the Effect of Reviews on Box Office Revenue

Naibin Chen, The Pennsylvania State University

Do Birds of a Feather Flock Together? Platform’s Quality Screening and End-Users’ Choices: Theory and

Empirical Study of Online Trading Platforms

Jin Wang, Kansas State University

How Does Online Piracy Affect Film Revenue in China?

Yang Yue, Xiamen University



Chair: Igor Letina

Delegating Performance Evaluation

Igor Letina, Department of Economics, The University of Bern

Efficient Bargaining Through a Broker

Xingtan Zhang, The University of Colorado Boulder

CEO Incentives and Stock Price Dynamics: An Experimental Approach

Te Bao, Nanyang Technological University



Chair: Takuya Nakaizumi

Multi-Project Auctions by Descending Order of Cost Effectiveness

Takuya Nakaizumi, College of Economics, Kanto-Gakuin University

Optimal Equity Auction with Interdependent Valuations

Dazhong Wang, Business School, Sun Yat-sen Univeristy

Financial Fraud and Investor Awareness

Zhengqing Gui, The Hong Kong University of Science and Technology



Chair: Francisco Parro

CEO Pay in an Open Economy

Francisco Parro, School of Business, Universidad Adolfo Ibá ñ ez

Duration Dependence and Business Cycles

Jianhuan Xu, Singapore Management University

Impact of Immigrants on Wages of Native Workers in Denmark

Shihan Du, Department of Economics, Copenhagen Business School, Denmark



Chair: Emil Temnyalov

Liability Insurance: Equilibrium Contracts under Monopoly and Competition

Emil Temnyalov, The University of Technology Sydney

Dynamic Expert Incentives: Complementarity and Substitutability in Information Acquisition

Tsz-Ning Wong , Aalto University



Chair: Yangwei Song

Efficient Implementation with Interdependent Valuations and Maxmin Agents

Yangwei Song, Humboldt University Berlin

Robustness of Reputation Effects under Uncertain Monitoring

Geyu Yang, Washington University in St Louis

Voting to Persuade

Lily Ling Yang, The University of Mannheim



Chair: Ravi Kashyap

Fighting Uncertainty with Uncertainty

Ravi Kashyap, SolBridge International School of Business, City University of Hong Kong

Reference-Dependent Choice: A Comprehensive Analysis

Dan Qin, Tohoku University, Japan

Time Preference and Information Acquisition

Weijie Zhong, Columbia University



Chair: Jesse Bull

Statistical Evidence and the Problem of Robust Litigation

Jesse Bull, Florida International University

Organizations and Coordination in a Diverse Population

Liang Dai, Antai College of Economics and Management, Shanghai Jiao Tong University

Of Restarts and Shutdowns: Dynamic Contracts with Unequal Discounting

Ilia Krasikov, Pennsylvania State University



Chair: Zenan Wu

Feedback and Favoritism in Sequential Elimination Contests

Zenan Wu, Peking University

Personalization Algorithm and Opinion Formation on Social Media

Youzong Xu, Xi’an Jiaotong-Liverpool University

Resisting Evidence Manipulation

Youzong Xu, Xi’an Jiaotong-Liverpool University



Chair: Tat-kei Lai

Import Competition and Workplace Injuries in U.S. Manufacturing Industries

Tat-kei Lai, IÉ SEG School of Management, France

Foreign Competition and Domestic Innovation: Evidence from U.S. Patents

Pian Shu, Scheller College of Business, Georgia Institute of Technology

Polarization of American Workers: The Big Squeeze from Occupational Exposure to Value-Added Imports

Leilei Shen, Department of Economics, Kansas State University



Chair: Chuyi Fang

Limited Cross-Retaliation and Lengthy Delays in International Dispute Settlement

Chuyi Fang, Ryerson University

Judicial Quality, Relative Efficiency, and Firm Boundary Decisions

Mengxiao Liu, Department of Economics, Maxwell School of Citizenship and Public Affairs at Syracuse University

Misallocation Under Trade Liberalization

Dan Lu, The University of Rochester



Chair: Pak Hung Au

A Model of Trade with Endogenous Product Design

Pak Hung Au, Nanyang Technological University, Singapore

The Real Exchange Rate, Innovation and Productivity

Yanping Liu, The University of Mannheim

Does the International Trade Affect the China’s Provincial Biased Technical Change?

Xiaodi Niu, School of Economics, Zhongnan University of Economics and Law



Chair: Liuchun Deng

Specialization Dynamics, Convergence, and Idea Flows

Liuchun Deng, Halle Institute for Economic Research and Friedrich Schiller University Jena

Multichannel Distribution under International Oligopoly

Cong Pan, Faculty of Economics, Nagoya University of Commerce and Business

A Contracting Approach to the Divisions of the Gains in Global Supply Chains—Theory, Evidence and

Implication

Huangnan Shen Jim, School of Oriental and African Studies (SOAS), The University of London



Chair: Jingting Fan

Financing Multinationals

Jingting Fan, Pennsylvania State University

Propagation of Commodity Market Shocks

Annalisa Marini, Department of Economics, The University of Exeter Business School

Steve McCorriston, Department of Economics, The University of Exeter Business School



Chair: Martyna Marczak

Competitiveness at the Country-Sector Level: New Measures Based on Global Value Chains

Martyna Marczak, Department of Economics, The University of Hohenheim

A Company is Known by the Company it Keeps ... Close

Travis Ng, The Chinese University of Hong Kong, Hong Kong



Chair: Fei Jia

Exploring Additional Restrictions in Non-separable Minimum Distance Estimation with an Application to

Pseudo Panels

Fei Jia, Saint Louis University

Two-Step Estimation and Inference with Possibly Many Included Covariates

Xinwei Ma, The University of Michigan

Model Averaging Estimation for Conditional Heteroscedasticity Model Family

Qingsong Yao, School of Economics, Renmin University of China



Chair: Cuicui Lu

A GMM Estimator Asymptotically More Efficient than OLS and WLS in the Presence of Heteroskedasticity

of Unknown Form

Cuicui Lu, Nanjing University Business School

Inference for Moments of Ratios with Robustness against Large Trimming Bias and Unknown Convergence

Rate

Takuya Ura, The University of California, Davis

Asymptotic Trimming for Importance Sampling Estimators with Infinite Variance

Thomas Tao Yang, Australian National University



Chair: Tom Barker

Vietnam: The Next Asian Tiger?

Tom Barker, Reserve Bank of New Zealand

Culture and the Great Demographic Transition in Developing Countries since 1960

Cong Wang, Bond Business School, Bond University



Chair: Yoseph Getachew

Share the Love: Parental Bias, Women Empowerment and Intergenerational Mobility

Yoseph Getachew, Economics Department, The University of Pretoria

Child-Raising Cost and Fertility in a Highly Competitive Environment

Maxwell Pak, The Southwestern University of Finance and Economics

The Role of Grandchildren in Old-Age Support: Evidence from China

Xuezhu Shi, Suntory and Toyota International Centre for Economics and Related Disciplines (STICERD), The London

School of Economics and Political Science



Chair: Qu Feng

On the Reverse Causality between Output and Infrastructure: The Case of China

Qu Feng, Nanyang Technological University, Singapore

Competition among For-Profit and Nonprofit MFIs: Financial and Social Tradeoffs

Malika Hamadi, Surrey Business School, The University of Surrey

The Long-Term Impact of Political Turmoil on Public Health: Evidence from the Malaria Outbreak during

China’s Cultural Revolution

Youhong Lin, School of Economics and Trade, Guangdong University of Foreign Studies



Chair: Tingting Li

Genetic Diversity and Innovative Activities: Evidence from Chinese Provinces

Tingting Li, International School of Business & Finance, Sun Yat-Sen University

Intrahousehold Gender Gap in Education Expenditure in Bangladesh

Sijia Xu, Singapore Management University



Chair: Seung-Hyun Hong

Financing Risk and Information Bias in Housing Markets

Seung-Hyun Hong, The University of Illinois, Urbana-Champaign

Fiscal Incentives and Land Finance Cycles of Prefectures in China

Pi-Han Tsai, Zhejiang University, China

Estimating Productivity of Public Infrastructure Investment

Guiying Laura Wu, Division of Economics, School of Social Sciences, Nanyang Technological University, Singapore



Chair: Rongrong Sun

Monetary Policy Announcements and Market Interest Rates’ Response: Evidence from China

Rongrong Sun, School of Economics, Henan University

Spillovers Among International Foreign Exchange Markets: The Perspective of RMB’s SDR Inclusion

Xue Wang, Jinan University



Chair: Simon Alder

Political Distortions and Infrastructure Networks in China: A Quantitative Spatial Equilibrium Analysis

Simon Alder, The University of North Carolina at Chapel Hill

Geographic Fragmentation in a Knowledge Economy

Yang Jiao, Fanhai International School of Finance, Fudan University

Mortgage Receivable Delay Risks: Evaluation and Securitization

Chao Ma, The Wang Yanan Institute for Studies in Economics (WISE) and Department of Finance, Xiamen University



Chair: Bruno Deschamps

Individual Forecast Efficiency and Multivariate Forecasts

Bruno Deschamps, The University of Nottingham Ningbo China

Cyclical Uncertainty Premium

Chang Liu, Department of Economics, The University of Wisconsin-Madison



Chair: Xiaohan Ma

Monetary Policy with Indistinguishable Supply- and Demand-Side Disturbances

Xiaohan Ma, Texas Tech University

Stochastic Equilibrium and Keynesian Economics

David Staines, Cardiff University

Does State-Dependent Wage Setting Generate Multiple Equilibria?

Shuhei Takahashi, Kyoto University



Chair: Marina Glushenkova

Barriers to Price Convergence

Marina Glushenkova, The University of Nottingham Ningbo China

Estimating Short-Run Inflation Dynamics with Disaggregate Information and Selected Instruments

Dan Li, The Wang Yanan Institute for Studies in Economics (WISE), Xiamen University

On the Divergence between CPI and PPI as Inflation Gauges: the Role of Supply Chains

Yinxi Xie, Department of Economics, Columbia University



Chair: Young Min Kim

Measuring Inflation Targeting Credibility in Expectation

Young Min Kim, Korea University

Quantitative Easing and Repurchase Agreements

Chenxi Wang, New York University

Which Theory Best Predicts Exchange Rates? A Bayesian Model-Averaging Approach

Zihan Zhu, School of Economics, Fudan University



Chair: Tiantian Dai

Financial Frictions, Liquidity Traps, and the Implementation of Monetary Policy

Tiantian Dai, Central University of Finance and Economics

Reform and Opening Up, Deregulation, and China’s Economic Growth

Kai Xu, School of Economics, Zhejiang University

Persistence and Volatility of the New Keynesian Phillips Curve under Hierarchical Information

Yong June Yoon, ESSEC Business School (France)


Finance Session 12

Chair: D. Jé ré mie Juste

Competition, Fast Growth and Commercialization: Systemic Credit Risk in Microcredit Markets. A Copula

Approach

D. Jé ré mie Juste, THEMA, Université de Cergy-Pontoise

Diversification and Systemic Creditor Runs

Xuewen Liu, The Hong Kong University of Science and Technology

Regulation, Financial Networks and Systemic Risks

Gang Wang, The Shanghai University of Finance and Economics


Finance Session 13

Chair: Yangming Bao

Peer Information on the Cost of Debt

Yangming Bao, SAFE and Goethe University Frankfurt

Innovation-Product connection: R&D 100 Awards, Product Segmentation, and Stock Returns

Tong Zhou, Sun Yat-Sen University

Are the Credit Rating Agencies Biased Regionally?

A. Yasemin YALTA, Department of Economics, Hacettepe University



Chair: Yun Pu

College Admission in Three Chinese Provinces: Boston Mechanism vs. Deferred Acceptance Mechanism

Yun Pu, Department of Agricultural, Environmental, and Development Economics, The Ohio State University

Why (don’t) Firms Free Ride on an Intermediary’s Advice?

Bo Shen, Wuhan University

Group Synergy or Market Preemption: Evidence from International Hotel Groups Agglomeration in China

Yu Zhou, Fudan University



Chair: Tin Cheuk Leung

Why Are Inferior Seats “Underpriced”? Evidence from the English Premier League

Tin Cheuk Leung, Wake Forest University

E-business, Firm Size, and Innovation: A Study From Micro Level

Bin Li, Antai College of Economics and Management, Shanghai Jiao Tong University

Why Large Firms Use More Complex Tariffs

Adam Chi Leung Wong, Lingnan University



Chair: Tiefeng Qian

Identifying Energy Saving Technical Change in the U.S. Manufacturing Sector

Tiefeng Qian, The Central University of Finance and Economics

The Effect of Air Pollution on Migration: Evidence from China

Peng Zhang, The Hong Kong Polytechnic University



Chair: Naijia Guo

Labor Market Dynamics in Urban China and the Role of the State Sector

Naijia Guo, Chinese University of Hong Kong

More Schooling, Younger Husbands? Estimating the Effects of Women’s Education on Their Marriage

Outcomes

Songtao Yang, South China University of Technology

China’s Selective Two-Child Policy and Its Impact on the Marriage Market

Di Lu, GSEFM, Goethe University, Frankfurt am Main, Germany



Chair: Fengyan Dai

Returns to Higher Education in China—Evidence Based on the 1999 Higher Education Expansion Using

Fuzzy Regression Discontinuity

Fengyan Dai, School of Public Administration, Nanjing University of Finance and Economics

Does Chinese Higher Education Fails? Empirical Evidence from Nonparametric Quantile Analysis

Qiao Wang, Capital University of Economics and Business

Vocational High School Graduates Wage Gap: The Role of Cognitive Skills and Firms

Pedro Raposo, Catolica Lisbon School of Business and Economics



Chair: Wang-Sheng Lee

Children, Chess, and Mathematics: Experimental Evidence from Bangladesh

Wang-Sheng Lee, Deakin University

Childhood Television Exposure and Subsequent Development of Non-cognitive Skills

Li Li, Faculty of Economics and Management, East China Normal University

Taking PISA Seriously: Biases Endemic in Low Stakes Exams

Jinwen Wang, Pennsylvania State University



Chair: Jin Cao

Fertility Cost, Intergenerational Labor Division, and Female Employment

Jin Cao, Research Department, Norges Bank, Bankplassen

Changes in Female Labor Force Participation in Urban China: 1988-2009

Suqin Ge, Virginia Polytechnic Institute and State University

Relative Housing Wealth and Labor Market Behavior

Xiandeng Jiang, The Southwestern University of Finance and Economics



Chair: José R. Sá nchez-Fung

Vertical Separation of Transmission Control and Regional Production Efficiency in the Electricity Industry

Yin Chu, Zhongnan University of Economics and Law

Impediments to Development of Green Finance in China

Feng Xu, The South China University of Technology



Chair: Jennifer Lai

Financial Integration and Consumption Smoothing in China

Jennifer Lai, School of Finance, Guangdong University of Foreign Studies

Price Efficiency in Peer-to-Peer Lending in China

Qingfu Liu, Fudan University

Yiuman Tse, The University of Missouri, St. Louis



Chair: Jie Chen

The Mobility and Transmission Mechanism of Intergenerational Income for Rural Residents: The Case of

China

Jie Chen, Nanjing University of Finance and Economics

Migration Restrictions: Implications on Human Capital Accumulation and Economic Growth

Byoung Hoon Seok, Ewha Womans University

Modelling Asset Returns under Price Limits with Mixture of Truncated Gaussian Distribution

Dinghai Xu, The University of Waterloo



Chair: Piyali Das

Quantifying the Fiscal Cushion for the US:1960-2013

Piyali Das, Indian Statistical Institute, Delhi Centre, India

Inflationary Redistribution vs. Trading Opportunities: Cost of Inflation in a Monetary Model with Non-

degenerate Distribution

Timothy Kam, Australian National University

Local Government Spending Multiplier in China: An Instrument Variable Approach

Guoxiong Zhang, Shanghai Jiao Tong University



Chair: Sihao Chen

Durable Goods, Financial Frictions and the Impact of Uncertainty in Emerging Countries

Sihao Chen, The Hong Kong University of Science and Technology

Search Complementarities, Aggregate Fluctuations and Fiscal Policy

Francesco Zanetti, The University of Oxford



Chair: Qian Jiao

Information Disclosure in Contests with Endogenous Entry: Theory and Experiments

Qian Jiao, Sun Yat-sen University

Shouts or Whispers: The Effect of Communication Protocol on Information Accuracy

Rong Rong, The University of Massachusetts Amherst

The Cooperative Consequences of Contests

Yilin Zhuo, School of Finance, Central University of Finance and Economics



Chair: Bo Chen

Elimination Tournament Design under Psychological Momentum

Bo Chen, King Fahd University of Petroleum and Minerals

Splash with a Teammate: Peer Effects in High-Stakes Tournaments

Lingqing Jiang, The University of Essex

An Experimental Study of Selling Expert Advice

Qichao Shi, Department of Economics, Lehigh University, Pennsylvania



Chair: Masamune Iwasawa

Rate Optimal Specification Test When the Number of Instruments is Large

Masamune Iwasawa, The University of Tokyo

On Optimal Inference in the Linear IV Model

Vadim Marmer, The University of British Columbia

Trends in Distributional Characteristics: Existence of Global Warming

Jesus Gonzalo, Department of Economics, Universidad Carlos III de Madrid



Chair: Jianghao Chu

Asymmetric AdaBoost for High Dimensional Maximum Score Regression

Jianghao Chu, The University of California, Riverside

Inferences and Specification Testing in Threshold Regression with Endogeneity

Qin Liao, The University of Hong Kong

Least Square Estimation of Semiparametric Binary Response Model with Endogeneity

Wei Song, Xiamen University



Chair: Harold D Chiang

A Unifed Robust Bootstrap Method for Sharp/Fuzzy Mean/Quantile Regression Discontinuity/Kink Designs

Harold D Chiang, Department of Economics, Vanderbilt University

Sharp Regression-Discontinuity Design with a Mismeasured Running Variable

Hao Dong, The London School of Economics and Political Science

Estimation of Jump Discontinuities in Regression: A Generalized Reflection Approach

Sihong Xie, The University of Colorado Boulder



Chair: Wei Shi

A Dynamic Discrete Choice Model of Reverse Mortgage Borrower Behavior

Wei Shi, Jinan University

Earthquake Risk Premia in Property Prices: Evidence from Five Japanese Cities

Yuan Yue, Faculty of Economics and Business, The University of Amsterdam



Chair: A. Talha Yalta

The Rolling Meboot Method for Small Sample Time Varying Parameter Analysis with Strongly Dependent

Data

A. Talha Yalta, Department of Economics, TOBB University of Economics and Technology

Optimal Smoothing Parameters Selection in Single Index Model Derivative Estimations

Shuang Yao, Wuhan University

Semi-parametric Single-Index Predictive Regression

Weilun Zhou, Monash University



Chair: Yongwei Nian

Go with Politician: Evidence from Corporate Land Market in China

Yongwei Nian, HSBC Business School, Peking University

Does Income Inequality Exacerbate CO2 Emissions? Evidence from Dynamic Panel

Tingting Li, International School of Business and Finance, Sun Yat-Sen University

Fishing Ban

Haishan Yuan, The University of Queensland



Chair: Tin Cheuk Leung

The Unoriginal Sin of Movie Sequel: Impact of Globalization of the Movie Industry

Tin Cheuk Leung, Wake Forest University

Optimal Dynamic Hotel Pricing

Mengkai Yu, Department of Economics, Georgetown University

Endogenous Formation of Patent Pools

Chen Qu, The University of Nottingham Ningbo China



Chair: Linda Glawe

The Deep Determinants of Economic Development in China – A Provincial Perspective

Linda Glawe, The University of Hagen

Women Hold up Half the Sky? Trade Specialization Patterns and Work-Related Gender Norms

Jie Li, National University of Singapore

Is Democracy Good for Growth? Institutional Quality Matters

Di Sima, School of Economics, Singapore Management University



Chair: Hanol Lee

Human Capital and Income Inequality

Hanol Lee, The Southwestern University of Finance and Economics

The Transferability of Human Capital, the Brain Drain, and the Brain Gain

Akira Shimada, Nagasaki University, Japan

Firm-Level Human Capital, R&D, and Productivity: Evidence from China

Xiuli Sun, The Southwestern University of Finance and Economics



Chair: Ernest Dautovic

Consumption Response to Minimum Wages: Evidence from Chinese Households

Ernest Dautovic, The University of Lausanne and European Central Bank

The Well-being Impact of Pension Expansion in Rural China

Shun Wang, KDI School of Public Policy and Management

Gender Identity, Preference, and Relative Income within Households

Bing Ye, Zhejiang University

Documents

Macroeconomics Session 1 - econ.fudan.edu.cn · JUNE 15, 2018, 10 am – 11.30 am; Meeting Room 2, 4th Floor, Guanghua Building Macroeconomics Session 1 Chair: Yichen Gao Valuation