Lu LiuUniversitetslektor
Forskningsprojekt
Publikationer
I urval från Stockholms universitets publikationsdatabas
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Green links: corporate networks and environmental performance
2024. Hossein Asgharian (et al.). Review of Finance 28 (3), 1027-1058
ArtikelWe investigate the propagation of environmental performance among competitors and in customer–supplier relationships. We find a significant causal effect among competitors, while the propagation from customers to suppliers and vice versa appears insignificant or does not survive identification tests. The effect is stronger among firms in highly concentrated competitor networks and toward firms with less market and bargaining power than their competitors. We also find significantly stronger propagation of environmental performance among competitors engaged in joint research and development activity. These results show that the propagation stems from both competitive pressure and technological spillover. Importantly, we find that propagation is strong when the competitor improves its environmental performance and when the firm’s own environmental performance is poor initially, alleviating concerns that improvements in performance are concentrated among firms, which are already green. Overall, network effects among competing firms are a significant force shaping environmental performance, and a force mostly for good.
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Institutional Quality, Trust, and Stock Market Participation: Learning to Forget
2024. Hossein Asgharian, Lu Liu, Frederik Lundtofte. Quarterly Journal of Finance 14 (1)
ArtikelIn this paper, we explore the relations among institutional quality, households’ level of trust, and stock market participation. We find that institutional quality has a significant impact on both trust and participation. The individual level of trust significantly affects participation, but trust plays a small role in the effect of institutional quality on participation. Further, we demonstrate that immigrants are affected by the institutional quality of both their country of residence and their home country, and that education emerges as an important learning factor in immigrants’ adaptation to new institutional environments.
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The medium is the message: Learning channels, financial literacy, and stock market participation
2022. Cecilia Hermansson, Sara Jonsson, Lu Liu. International Review of Financial Analysis 79
ArtikelThis paper investigates the effects of learning channels on stock market participation. More specifically, we investigate the direct effects of learning about financial matters from one's private network, financial advisors, and the media, as well as the moderating effects of financial literacy on the relationship between learning from these channels and stock market participation. Analyzing a unique cross-section data that combine survey data and bank register data on individual retail investors, we find that media is the only learning channel that increases the likelihood of owning stocks and the portfolio share invested in stocks. We also find that financial literacy has a significant moderating effect: Interactions point to the joint importance of learning from media and financial literacy for individuals' stock market participation. Our findings suggest implications to policymakers when designing financial education programs.
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Cross-border asset holdings and comovements in sovereign bond markets
2018. Hossein Asgharian, Lu Liu, Marcus Larsson. Journal of International Money and Finance 86, 189-206
ArtikelWe analyze the importance of different asset holdings for the interdependence of the yield curves in the Euro area using a spatial VAR model. We find that the cross-border holdings of long-term debt and bank lending are important for the interdependence. We also find that comovement in the Euro area declines after 2008. We show that this decline is not related to the difference among countries in reacting to shocks from the US during the financial crisis. Rather, it largely reflects the segmentation between GIIPS and non-GIIPS countries. Our analysis of dispersion in sovereign-CDS-spread term structure shows that the differential in sovereign creditworthiness in the Euro area is a main driver of the yield-curve divergence after 2008.
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Product market competition and stock return dependence
2022. Hossein Asgharian, Lu Liu. Finance Research Letters 50
ArtikelWe model the spillover effect between competing firms’ daily idiosyncratic stock returns, using spatial econometric techniques. Contagion effect from rival firms dominates competitive effect, and the net effect is larger from negative return shocks of rival firms than from positive ones. The net effect is strong for firms in product markets with low concentration and high product market fluidity.
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