A Bridge on Economic Issues between China and the World
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The Unintended Impacts of Agricultural Fires: Human Capital in China
Joshua Graff Zivin, Tong Liu, Yingquan Song, Qu Tang, Peng Zhang, Dec 25, 2019The practice of burning agricultural waste is ubiquitous around the world, yet the external human capital costs from those fires have been underexplored. Using data from the National College Entrance Examination (NCEE) and agricultural fires detected by high-resolution satellites in China from 2005 to 2011, this paper investigates the impacts of fires on cognitive performance...
Unequal Transition: The Widening Wealth Gap amidst China’s Rapid Growth
Yangtian Jiang, Yu Zheng, Lijun Zhu, Nov 08, 2023We examine the drivers of rising wealth inequality in urban China since 1995. We highlight the intertwined nature of growth and equity during China’s transition toward a market-oriented economy.
Is the Wife A Risk Mitigator? Evidence from Family Firms in China
Yue Pan, Jinli Xiao, Vincent W. Yao, Jian Zhang, Jun 06, 2018Firm-level decisions are largely made by corporate executives whose preferences and attitudes can be shaped by historical traits and what is happening inside their households. We investigate how the involvement of a founder’s wife through marital ownership influences the family firm’s level of risk-taking and explore the underlying mechanisms.
Does Good Luck Make People Overconfident? Evidence from a Natural Experiment in China
Huasheng Gao, Donghui Shi, Bin Zhao, Aug 01, 2018We find that retail investors who win an allotment for an IPO subscription subsequently become more overconfident relative to retail investors who do not have an allotment. The former group subsequently trades more frequently and loses more money. Overall, our evidence indicates that the experience of good luck makes people more overconfident about their prospects.
In the Shadows of the Government: Relationship-building during Political Turnovers
Hanming Fang, Zhe Li, Nianhang Xu, Hongjun Yan, Mar 06, 2019We document that firms use two instruments to build relationships with local government officials in China: “perk spending” and personnel changes. Following a turnover in the positions of Party Secretary or Mayor of a city in China, firms (especially private firms) headquartered in that city significantly increase their perk spending...
