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Article by Zhou Zhen, Assistant Professor from PBC School of Finance, Published in American Economic Review

Time: 2019-08-23 16:30 Print

Recently, American Economic Review has officially accepted the article titled Diffusing Coordination Risk by Zhou Zhen, Assistant Professor from Tsinghua University PBC School of Finance (PBCSF) and his co-writer, which will be published soon.

(See the website:


Dr. Zhou Zhen received his Ph.D. in Economics from New York University and joined Tsinghua University PBC School of Finance as an Assistant Professor in 2016. Zhou Zhen’s current research focuses on financial economics and economics of information.  His research interests include financial crises and regulation, corporate finance, systemic risk and financial networks.

In this article, Zhou Zhen and Deepal Basak, the co-writer, Assistant Professor from Indian School of Business, explored how policy makers prevent the occurrence of inefficient equilibrium results by means of information disclosure in a dynamic coordination problem.

The following are articles by full-time professors and visiting professors from PBC School of Finance taking the School as the author institution published in top 5 international economic journals and top 3 international financial journals:

VivianW.   Fang, Xuan Tian and Sheri Tice, "Does Stock Liquidity Enhance or Impede   Firm Innovation", Journal of Finance, vol.69(5), pp.2085–2125,   2014.

Li   Liao, Bibo Liu, Hao Wang, "China's Secondary Privatization: Perspectives   from the Split-share Structure Reform", Journal of Financial   Economics, vol.113(3), pp.500-518, 2014.

Rob   Stambaugh, Jianfeng Yu, and Yuan Yu, "The Long of it: Odds that Investor   Sentiment Spuriously Predicts Anomaly Returns", Journal of Financial   Economics, vol.114(3), pp.613-619, 2014.

Thomas   J. Chemmanur, Elena Loutskina, Xuan Tian, "Corporate Venture Capital,   Value Creation, and Innovation", Review of Financial Studies,   vol.27(8), pp.2434-2473, 2014.

Chunmei   Lin, Massimo Massa and Hong Zhang, “Mutual Funds and Information Diffusion:   The Role of Country-Level Governance”, Review of Financial Studies,   vol.27(11), pp.3343-3387, 2014.

Rob   Stambaugh, Jianfeng Yu, and Yuan Yu, "Arbitrage Asymmetry and the   Idiosyncratic Volatility Puzzle", Journal of Finance, vol.70(5),   pp.1903-1948, 2015.

Jess   Cornaggia, Yifei Mao, Xuan Tian, Brian Wolfe, "Does Banking   Competition Affect Innovation", Journal of Financial Economics,   vol.115 (1), pp189-209, 2015.

Massimo   Massa, Wenlan Qian and Weibiao Xu, and Hong Zhang, “Competition of the   Informed: Does the Presence of Short Sellers Affect Insider Selling?”, Journal   of Financial Economics, vol.118, pp.268-288, 2015.

Massimo   Massa, Bohui Zhang, and Hong Zhang,“The Invisible Hand of Short Selling:   Does Short-Selling Discipline Earnings Management?”, Review of   Financial Studies, vol.28, pp.1701-1736, 2015.

Yawen   Jiao, Massimo Massa, and Hong Zhang, “Short Selling Meets Hedge Fund 13F: An   Anatomy of Informed Demand”, Journal of Financial Economics, vol.122,   pp.544–567, 2016.

Li   An,"Asset Pricing When Traders Sell Extreme Winners and   Losers", Review of Financial Studies, vol 29(3), pp.823-861,   2016.

Huafeng   (Jason) Chen, “Do Cash Flows of Growth Stocks Really Grow Faster?”, Journal   of Finance, vol.72(5), pp.2279-2330, 2017.

Huijun   Wang, Jinghua Yan and Jianfeng Yu, "Reference-Dependent Preferences and   the Risk-Return Trade-off", Journal of Financial Economics,   vol.123, pp.395-414, 2017.

Juan   M. Londono and Hao Zhou, “Variance Risk Premiums and the Forward Premium   Puzzles”, Journal of Financial Economics, vol.124, pp.415–440, 2017.

Zhiguo   He, Bin Wei, Jianfeng Yu and Feng Gao, "Optimal Long-term Contracting   with Learning", Review of Financial Studies, vol.30(6),   pp.2006-2065, 2017.

Junyan   Shen, Jianfeng Yu, Shen Zhao, "Investor Sentiment and Economic   Forces", Journal of Monetary Economics, Vol.86, pp.1-21, 2017.

Huijun   Wang, Jinghua Yan, and Jianfeng Yu, "Reference-Dependent Preferences and   the Risk-Return Tradeoff", Journal of Financial Economics,   vol.123, pp.395-414, 2017.

Alon   Brava, Wei Jiang, Song Ma, Xuan Tian,“How does hedge fund activism reshape   corporate innovation?”, Journal of Financial Economics, vol.130(2),   pp.237–264, 2018.

Mariano   Croce, Riccardo Colacito, Steven Ho and Philip Howard, "BKK the EZ Way:   International Long-Run Growth News and Capital Flows", American   Economic Review, vol.108, pp.3416-3449, 2018.

Trevor   Tombe and Xiaodong Zhu,“Trade, Migration, and Aggregate Productivity: A   Quantitative Analysis of China”, American Economic Review, vol.109(5),   pp.1843-1872, 2019.

Zhuo   Chen, Zhiguo He and Chun Liu, “The Financing of Local Government in China:   Stimulus Loan Wanes and Shadow Banking Waxes”, Journal of Financial Economics, forthcoming.

Zhan   Shi,“Time-Varying Ambiguity, Credit Spreads, and the Levered Equity Premium”,   Journal of Financial Economics, forthcoming.

Xiaoyan   Zhang, Ekkehart Boehmer and Charles Jones, “Potential Pilot Problems:   Treatment Spillovers in Financial Regulatory Experiments”, Journal of   Financial Economics, forthcoming.

Zhen   Zhou, "Deepal Basak,“Diffusing Coordination Risk”, American Economic   Review, forthcoming.