25 Jahre IWH

Juniorprofessor Qizhou Xiong, Ph.D.

Juniorprofessor Qizhou Xiong, Ph.D.
Aktuelle Position

seit 11/15

Juniorprofessor

Otto-von-Guericke-Universität, Magdeburg

seit 8/15

Leiter der Forschungsgruppe Dynamische diskrete Entscheidungen von Individuen

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

Forschungsschwerpunkte

  • Haushaltsfinanzen
  • dynamische Discrete-Choice-Modelle
  • empirische Arbeitsmarktökonomik
  • Finanzmarkt

Qizhou Xiong ist seit November 2015 Juniorprofessor an der Otto-von-Guericke-Universität Magdeburg und seit August 2015 Mitglied der Abteilung Finanzmärkte am IWH. Er forscht zu den Themen angewandte Mikroökonometrie, Haushaltsfinanzen, Wohnungsmarkt und Arbeitsmarktökonomik.

Qizhou Xiong absolvierte seinen Bachelor an der Peking Universität. Sowohl den Master als auch die Promotion schloss er an der Toulouse School of Economics in Frankreich ab. Bevor er zum IWH kam, unterrichtete er an der Toulouse School of Economics.

Ihr Kontakt

Juniorprofessor Qizhou Xiong, Ph.D.
Juniorprofessor Qizhou Xiong, Ph.D.
Mitglied - Abteilung Finanzmärkte
Nachricht senden +49 345 7753-756 Persönliche Seite

Publikationen

Arbeitspapiere

cover_DP_2017-11.jpg

The Liquidity Premium of Safe Assets: The Role of Government Debt Supply

Qizhou Xiong

in: IWH-Diskussionspapiere, Nr. 11, 2017

Abstract

The persistent premium of government debt attributes to two main reasons: absolute nominal safety and liquidity. This paper employs two types of measures of government debt supply to disentangle the safety and liquidity part of the premium. The empirical evidence shows that, after controlling for the opportunity cost of money, the quantitative impact of total government debt-to-GDP ratio is still significant and negative, which is consistent with the theoretical predictions of the CAPM with utility surplus of holding convenience assets. The relative availability measure, the ratio of total government liability to all sector total liability, separates the liquidity premium from the safety premium and has a negative impact too. Both theoretical and empirical results suggest that the substitutability between government debt and private safe assets dictates the quantitative impact of the government debt supply.

Publikation lesen

cover_DP_2016-3.jpg

College Choice and the Selection of Mechanisms: A Structural Empirical Analysis

J.-R. Carvalho T. Magnac Qizhou Xiong

in: IWH-Diskussionspapiere, Nr. 3, 2016

Abstract

We use rich microeconomic data on performance and choices of students at college entry to study the interaction between the revelation of college preferences through exams and the selection of allocation mechanisms. We propose a method in which preferences and expectations of students are identified from data on choices and multiple exam grades. Counterfactuals we consider balance costs arising from congestion and exam organization. Moving to deferred acceptance or inverting the timing of choices and exams are shown to increase welfare. Redistribution among students or schools is sizeable in all counterfactual experiments.

Publikation lesen

Cover_IWH-Discussion-Papers_2016.jpg

Censored Fractional Response Model: Estimating Heterogeneous Relative Risk Aversion of European Households

Qizhou Xiong

in: IWH-Diskussionspapiere, Nr. 11, 2015

Abstract

This paper estimates relative risk aversion using the observed shares of risky assets and characteristics of households from the Household Finance and Consumption Survey of the European Central Bank. Given that the risky share is a fractional response variable belonging to [0, 1], this paper proposes a censored fractional response estimation method using extremal quantiles to approximate the censoring thresholds. Considering that participation in risky asset markets is costly, I estimate both the heterogeneous relative risk aversion and participation cost using a working sample that includes both risky asset holders and non-risky asset holders by treating the zero risky share as the result of heterogeneous self-censoring. Estimation results show lower participation costs and higher relative risk aversion than what was previously estimated. The estimated median relative risk aversions of eight European countries range from 4.6 to 13.6. However, the results are sensitive to households’ perception of the risky asset market return and volatility.

Publikation lesen
Mitglied der Leibniz-Gemeinschaft LogoTotal-Equality-LogoWeltoffen Logo