15篇JFE！2021中国境内高校学者发表的JFE论文
随着中国的经济高速发展，科研环境的改善，中国境内高校学者的研究能力也逐步与国际接轨，做高质量的研究和发表高水平论文几乎成为中国境内高校学者的普遍追求。
本文梳理了2021年中国境内高校学者发表（print publication，不含接收和在线发表）在《Journal of Financial Economics》上的论文，为致力于发表国际顶级期刊的学者和学生们提供借鉴，共同繁荣中国学术。
《Journal of Financial Economics》创刊于1974年，由美国罗切斯特大学主办，2019年影响因子高达5.731。JFE是国际公认的经济管理类顶级期刊，其与 《Journal of Finance》和《Review of Financial Studies》并称国际顶尖三大金融学期刊。该期刊被《金融时报》列为商学院研究评估的45本顶级期刊之一，也是德州大学达拉斯分校(UTD)用于全球商学院学术排名的24本顶级期刊之一。
2021年中国境内高校学者总共在《Journal of Financial Economics》发表15篇论文。
说明：仅统计论文发表版本的作者署名单位有中国境内高校的文章。以下论文为手工整理，如有遗漏，欢迎后台留言补充，共同助力和传播国内外顶级刊物中的中国声音。
01. Informed trading in government bond markets
刊发时间：2021年12月
王天宇
清华大学经管学院
Robert Czech
Bank of England
Shiyang Huang
University of Hong Kong
Dong Lou
London School of Economics and Political Science (LSE)、Centre for Economic Policy Research (CEPR)
Using comprehensive administrative data from the UK, we examine trading by different investor types in government bond markets. Our sample covers virtually all secondary market trading in gilts and contains detailed information on each transaction, including the identities of both counterparties. We find that hedge funds’ daily trading positively forecasts gilt returns in the following one to five days, which is then fully reversed in the following month. A part of this short-term return predictability is due to hedge funds’ ability to predict other investors’ future demand. Mutual fund trading also positively predicts gilt returns, but over a longer horizon of one to two months. This return pattern does not revert in the following year and is partly due to mutual funds’ ability to forecast changes in short-term interest rates.
02. Stock market liberalization and innovation
刊发时间：2021 年3月
Fariborz Moshirian
University of New South Wales (UNSW)
张博辉
香港中文大学（深圳），深圳高等金融研究院
Wenrui Zhang
Chinese University of Hong Kong (CUHK)
田轩
清华大学五道口金融学院
We investigate the effect of stock market liberalization on technological innovation. Using a sample of 20 economies that experience stock market liberalization, we find that these economies exhibit a higher level of innovation output after liberalization and that this effect is disproportionately stronger in more innovative industries. The relaxation of financial constraints, enhanced risk sharing between domestic and foreign investors, and improved corporate governance are three plausible channels that allow stock market liberalization to promote innovation. Finally, we show that technological innovation is a mechanism through which stock market liberalization affects productivity growth and therefore economic growth. Our paper provides new insights into the real effects of stock market liberalization on productivity growth and the economy.
03. Air pollution, behavioral bias, and the disposition effect in China
刊发时间：2021年11月
Jian Zhang
University of Hong Kong
李洁
上海交通大学，欧洲工商管理学院
张弘
清华大学五道口金融学院
Inspired by the recent health science findings that air pollution affects mental health and cognition, we examine whether air pollution can intensify the cognitive bias observed in the financial markets. Based on a proprietary data set obtained from a large Chinese mutual fund family consisting of complete trading information for more than 773,198 accounts in 247 cities, we find that air pollution significantly increases investors’ disposition effects. Analysis based on two plausible exogenous variations in air quality (the vast dissipation of air pollution caused by strong winds and the Huai River policy) supports a causal interpretation. Mood regulation provides a potential mechanism.
04. Air pollution, affect, and forecasting bias: Evidence from Chinese financial analysts
刊发时间：2021年3月
董睿
中国人民大学商学院
汪勇祥
上海交通大学上海高级金融学院和南加州大学
许年行
中国人民大学商学院
Raymond Fisman
Boston University
We document a negative relation between air pollution during corporate site visits by investment analysts and subsequent earnings forecasts. After accounting for analyst, weather, and firm characteristics, an extreme worsening of air quality from “good/excellent” to “severely polluted” is associated with a more than 1 percentage point lower profit forecast, relative to realized profits. We explore heterogeneity in the pollution-forecast relation to understand better the underlying mechanism. Pollution only affects forecasts that are announced in the weeks immediately following a visit, indicating that mood likely plays a role, and the effect of pollution is less pronounced when analysts from different brokerages visit on the same date, suggesting a debiasing effect of multiple perspectives. Finally, there is suggestive evidence of adaptability to environmental circumstances – forecasts from analysts based in high pollution cities are relatively unaffected by site visit pollution.
05. The telegraph and modern banking development, 1881–1936
刊发时间：2021年8月
徐宇晨
北京大学汇丰商学院
孙宇辰
对外经济贸易大学金融学院
Chen Lin
University of Hong Kong
Chicheng Ma
University of Hong Kong
The telegraph was introduced to China in the late 19th century, a time when China also saw the rise of modern banks. Based on this historical context, this paper documents the importance of information technology in banking development. We construct a data set on the distributions of telegraph stations and banks across 287 prefectures between 1881 and 1936. The results show that the telegraph significantly expanded banks’ branch networks in terms of both number and geographic scope. The effect of the telegraph remains robust when we instrument it using proximity to the early military telegraph trunk.
06. What is the impact of introducing a parallel OTC market? Theory and evidence from the chinese interbank FX market
刊发时间：2021年4月
芦东
中国人民大学财政金融学院
Volodymyr Lugovskyy
Indiana University at Bloomington
Daniela Puzzello
Indiana University at Bloomington
Craig W Holden
Indiana University at Bloomington
Chinese interbank foreign exchange trading was originally conducted through a centralized, anonymous limit order book (LOB). We determine the impact of the introduction of a parallel decentralized over-the-counter (OTC) market. We find that: (1) most trading migrated to the OTC, (2) the LOB price function is upward-sloping versus the OTC price function is downward-sloping, and (3) the LOB market has a single price function versus the OTC market has multiple price functions. Next, we develop a theoretical model of parallel markets that can simultaneously explain all of these empirical findings. We test a new model prediction and find support.
07. Contracting without contracting institutions: The trusted assistant loan in 19th century China
刊发时间：2021年6月
牛贯杰
中国人民大学历史系
Thomas Noe
University of Oxford
苗萌
中国人民大学汉青研究院（现：中国人民大学财政金融学院）
This paper documents the emergence of a large bank loan market in the absence of contracting institutions: the trusted assistant loan market in 19th century China. These loans were legally unenforceable, one-shot loans to poor scholars that funded the costs of assuming lucrative administrative appointments offering ample opportunities for corruption. The trusted assistant loan’s distinguishing feature was a legally unenforceable stipulation that the borrower incorporate an agent of the creditor into his administrative cadre. We model the enforcement of these loans through expertise leverage and test the model’s predictions using data from officials’ diaries and a bank loan book.
08. Subnational debt of China: The politics-finance nexus
刊发时间：2021年9月
高昊宇
中国人民大学财政金融学院
Dragon Yongjun Tang
University of Hong Kong
Hong Ru
Nanyang Technological University
We provide direct evidence that governments selectively default on debt when they can identify creditors. Analyzing a comprehensive data set of subnational debt, we show that Chinese local governments choose to default on banks with weaker political power. A reduction in a bank's political power relative to other banks increases the likelihood of selective default by local governments. Such default selections are driven by banks’ influence over politician promotion. When local politicians are highly ranked or connected to national leaders, they engage less in selective default as their promotion is less affected by bank loan defaults. Our findings suggest a politics-finance nexus through which government defaults are restrained.
09. The role of high-skilled foreign labor in startup performance: Evidence from two natural experiments
刊发时间：2021年10月
陈俊
中国人民大学财政金融学院
Feng Zhang
University of Utah
Shenje Hshieh
City University of Hong Kong
We examine the role of high-skilled foreign labor in VC-backed startups through two natural experiments. First, we show that winning more H-1B visas in random lotteries enhances VC-backed startups’ financial performance, likelihood of going public, and quantity and quality of innovation. Second, we show that the H-1B quota reduction in 2004 caused permanent damage to the performance of startups that previously had used H-1B workers. The findings imply that high-skilled foreign workers possess skills or talents that are difficult to replace and that barriers to securing H-1B visas lower startups’ innovation and financial performance.
10. Are disagreements agreeable? Evidence from information aggregation
刊发时间：2021年7月
Dashan Huang
Singapore Management University
Liyao Wang
Hong Kong Baptist University
李江远
上海财经大学
Disagreement measures are known to predict cross-sectional stock returns but fail to predict market returns. This paper proposes a partial least squares disagreement index by aggregating information across individual disagreement measures and shows that this index significantly predicts market returns both in- and out-of-sample. Consistent with the theory in Atmaz and Basak (2018), the disagreement index asymmetrically predicts market returns with greater power in high-sentiment periods, is positively associated with investor expectations of market returns, predicts market returns through a cash flow channel, and can explain the positive volume-volatility relationship.
11. Why is stock market concentration bad for the economy?
刊发时间：2021年5月
Kee-Hong Bae
York University, Schulich
Warren Bailey
复旦大学泛海国际金融学院（特聘教授），康奈尔大学
Jisok Kang
John Carroll University
The stock market should fund promising new firms, thereby breeding competition, innovation, and economic growth. However, using three decades of data from 47 countries, we show that concentrated stock markets dominated by a small number of very successful firms are associated with less efficient capital allocation, sluggish initial public offering and innovation activity, and slower economic growth. These findings are robust to alternative sample periods, econometric specifications, and competing explanatory variables. Our evidence is consistent with the paradox that the capital market of a competitive economy can impede the continuing competitiveness of that economy.
12. Surprise election for Trump connections
刊发时间：2021年5月
Mario Schabus
Michigan State University
乔维斯
中欧国际工商学院
周亦凡
复旦大学泛海国际金融学院
Nadia Massoud
University of Melbourne
We exploit Donald Trump’s nonpolitical background and surprise election victory to identify the value of sudden presidential ties among S&P 500 firms. In our setting firms did not choose to become politically connected, so we identify treatment effects comparatively free of selection bias prevalent in this literature. Firms with presidential ties enjoyed greater abnormal returns around the 2016 election. Since Trump’s inauguration, connected firms had better performance, received more government contracts, and were less subject to unfavorable regulatory actions. We rule out a number of confounding factors, including industry designation, sensitivity to Republican platforms, campaign finance, and lobbying expenditures.
13. Real effects of share repurchases legalization on corporate behaviors
刊发时间：2021年4月
Zigan Wang
University of Hong Kong
Qie Ellie Yin
Hong Kong Baptist University
俞路平
厦门大学、University of Hong Kong
We use staggered share repurchases legalization from 1985 to 2010 across the world to examine its impact on corporate behaviors. We find that share-repurchasing firms do not cut dividends as a substitution. The cash for repurchasing shares comes more from internal cash than external debt issuance, leading to reductions in capital expenditures and R&D expenses. While this strategy boosts stock prices, it results in lower long-run Tobin's Q, profitability, growth, and innovation, accompanied by lower insider ownership. Tax benefits and paying out temporary earnings are two primary reasons that firms repurchase.
14. Funding liquidity shocks in a quasi-experiment: Evidence from the CDS Big Bang
刊发时间：2021年2月
Zhaodong Ken Zhong
Rutgers University at Newark and New Brunswick
Hongjun Yan
DePaul University
王新杰
南方科技大学
Yangru Wu
Rutgers University at Newark and New Brunswick
We use the advent of new credit default swap (CDS) trading conventions in April 2009—the CDS Big Bang—to study how a shock to funding liquidity impacts market liquidity. After the Big Bang, traders are required to pay upfront fees to execute CDS transactions, with the size of the fees depending on the level of CDS spreads. While CDS bid-ask spreads decline in aggregate after the Big Bang, they do so less for contracts that require larger fees. Furthermore, the funding effect is stronger for smaller and riskier firms and for noncentrally cleared contracts. The effect also becomes stronger after Deutsche Bank's exit.
15. Internet searching and stock price crash risk: Evidence from a quasi-natural experiment
刊发时间：2021年7月
Gaoping Zheng
RMIT University
Yuhao Xuan
Southwestern University of Finance and Economics
Yongxin Xu
Monash University
In 2010, Google unexpectedly withdrew its searching business from China, reducing investors’ ability to find information online. The stock price crash risk for firms searched for more via Google before its withdrawal subsequently increases by 19%, suggesting that Internet searching facilitates investors’ information processing. The sensitivity of stock returns to negative Internet posts also rises by 36%. The increase in crash risk is more pronounced when firms are more likely to hide adverse information and when information intermediaries are less effective in assisting investors’ information processing. In addition, liquidity (price delay) decreases (increases) after Google's withdrawal.
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