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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...
Understanding the Evolution of China’s Production and Trade Patterns
Hanwei Huang, Jiandong Ju, Vivian Yue, Oct 09, 2024The article discusses how capital accumulation has driven China's transition towards capital-intensive industries, while labor-biased productivity growth has helped China maintain a competitive edge in labor-intensive sectors.
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.
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...
Verifying China’s COVID-19 Recovery Using the FRBSF China CAT
Remy Beauregard, John G. Fernald, Mark M. Spiegel, Dec 23, 2020Using the FRBSF China Cyclical Activity Tracker, we confirm the robustness of China’s recovery from the COVID-19 downturn. The FRBSF “China CAT” estimates that first quarter 2020 China GDP plunged 6.4 standard deviations below its detrended level a year earlier, but by the end of the third quarter, China economic activity had recovered to only 0.1 standard deviations below trend. As such, the FRBSF China CAT index validates the accuracy...
