Destination-Specific Export Expansions and Their Impact on Education and Long-Term Outcomes in China Junsen Zhang, Kang Zhou, Jul 17, 2024 This article discusses that export expansions to wealthy countries significantly increased high school enrollment rates in specific regions and among certain groups in China, but this impact did not translate into an increased prevalence of higher education. Instead, it had long-term effects on employment and fertility outcomes for the affected cohorts.
Horizon Risk in Rental Housing: Evidence from a PropTech Rental Platform Jiayin Hu, Maggie R. Hu, Shangchen Li, Yingguang Zhang, Zheng Zhang, Jul 10, 2024 This article discussing that landlords in areas with faster housing price growth tend to offer shorter-term contracts and are less likely to renew expired contracts.
Financial Reporting and Disclosure Practices in China Hai Lu, Jee-Eun Shin, Mingyue Zhang, Jul 04, 2024 This article discussing that Chinese firms tend to emphasize the stability of financial performance in their reports. In contrast to U.S. firms, their financial disclosures are significantly swayed by non-shareholder stakeholders and do not leverage voluntary disclosures to mitigate capital costs.
Anatomy of the CNH-CNY Peg: The Crucial Role of Liquidity Policies Saleem Bahaj, Ricardo Reis, Jun 26, 2024 This article discussing the changes in the exchange rate between the offshore yuan (CNH) and onshore yuan (CNY) help stabilize the CNY-US dollar exchange rate, but they also pose challenges to China's capital controls.
Estimating the Role of Air Quality Improvements in the Decline of Suicide Rates in China Tamma Carleton, Peng Zhang, Liguo Lin, Maigeng Zhou, Jun 19, 2024 This article discussing the correlation between reduced air pollution and lower suicide rates notes that as air pollution decreases, suicide rates also decline...
Sharing the Entrepreneurial Wealth? Josh Lerner, Junxi Liu, Jacob Moscona, David Yang, Jun 12, 2024 This article discussing the emergence of China in the field of innovation and entrepreneurship is reshaping the global entrepreneurial landscape, paving novel ways for achieving a broader wealth sharing.
Gender Differences in Reactions to Failure in High-Stakes Competition: Evidence from the National College Entrance Exam Retakes Le Kang, Ziteng Lei, Yang Song, Peng Zhang, Jun 05, 2024 This article discussing the different reactions between male and female students when facing failure in the context of the National College Entrance Exam in China.
English Language Requirements and Educational Inequality in China Hongbin Li, Lingsheng Meng, Kai Mu, Shaoda Wang, May 29, 2024 The introduction of the English listening test in the NCEE has exacerbated educational inequality between urban and rural areas in China, thereby affecting the college admission prospects and future income of rural students.
Learning by Investing: entrepreneurial spillovers from venture capital Josh Lerner, Jinlin Li, Tong Liu, May 22, 2024 The experience gained by individual investors from participating in venture capital funds significantly enhances their entrepreneurial capabilities in the high-tech sector.
Government Deleveraging and Non-SOE Liquidity Squeeze: Evidence from Subnational Debt and Government Contractors Jiayin Hu, Songrui Liu, Yang Yao, Zhu Zong, May 15, 2024 China's deleveraging policies have inadvertently exacerbated the financial liquidity pressure on non-state-owned enterprise (non-SOE) contractors, revealing the potential adverse impact of government fiscal consolidation on private enterprises.
How Liberalizing Trade with China Led to a Boom in International Students in the US Gaurav Khanna, Kevin Shih, Ariel Weinberger, Mingzhi Xu, Miaojie Yu, Aug 16, 2023 Focusing on China’s accession to the World Trade Organization, we show that Chinese cities with more exposure to trade liberalization sent more students to US universities.
Regional Variation of GDP per Head within China, 1080–1850: Implications for the Great Divergence Debate Stephen Broadberry, Hanhui Guan, Sep 28, 2022 We provide the first regional breakdown of GDP per head for China from the Song dynasty to the Qing, so that regions of similar size can be compared between Europe and Asia to establish the timing of the Great Divergence of living standards.
Combating Cross-Border Externalities Shiyi Chen, Joshua Graff-Zivin, Huanhuan Wang, Jiaxin Xiong, Sep 21, 2022 China implemented a pioneering policy in 2011, the Ecological Compensation Initiative (ECI), which establishes side payments between upstream and downstream provinces in the Xin’an River Basin.
Assessing and Addressing the Coronavirus-Induced Economic Crisis: Evidence from 1.5 Billion Sales Invoice Zhuo Chen, Pengfei Li, Li Liao, Zhengwei Wang, Aug 31, 2022 We probe the effects of the COVID-19 pandemic and the subsequent containment policies on business activities in China by exploiting big data on 1.5 billion sales invoices. The average drop in sales was between 23% and 35%, depending on firm size, for the 12-week period after the Wuhan lockdown.
Industrial Land Discount in China: A Public Finance Perspective Zhiguo He, Scott Nelson, Yang Su, Anthony Lee Zhang, Fudong Zhang, Jul 25, 2022 Local governments, which serve as monopolistic land sellers in China, face a trade-off when deciding to supply residential land versus industrial land. This trade-off is determined by the different time profiles of revenues from industrial and residential land sales, local governments’ financial constraints, and the extent of local governments’ tax revenue sharing with other levels of government.
Industry/Policy View Omnia Juncta in Uno: Foreign Powers and Trademark Protection in Shanghai’s Concession Era Laura Alfaro, Cathy Ge Bao, Maggie X. Chen, Junjie Hong, Claudia Steinwender, Jul 20, 2022 Trademarks, which identify the source of goods and services, account for the majority of intellectual property filings worldwide. We investigate how firms adapt to the introduction of trademark institutions by exploring a historical precedent: China’s trademark law of 1923, an unanticipated and disapproved response to end foreign privileges in China.
Dollar Funding Stresses in China Laura Kodres, Leslie Sheng Shen, Darrell Duffie, Jul 13, 2022 The need for US dollar funding during the financial stresses of March 2020, as the COVID-19 pandemic shocked markets, was evident in a number of countries (Avdjiev, Eren, and McGuire 2020; Bahaj and Reis 2020).
Serial Entrepreneurship in China Loren Brandt, Ruochen Dai, Gueorgui Kambourov, Kjetil Storesletten, Xiaobo Zhang, Jul 06, 2022 New firms have been an important engine of growth in the Chinese economy (Brandt, Van Biesebroeck, and Zhang 2012). Drawing on data on the universe of all firms in China, we study entrepreneurship and the creation of new firms in China through the lens of entrepreneurs who operate a series of firms over their lifetime, i.e., serial entrepreneurs (SE).
An Empirical Overview of Chinese Capital Market Grace Xing Hu, Jun Pan, Jiang Wang, Jun 29, 2022 We provide an empirical review of the Chinese capital market, focusing on the basic return and risk characteristics of its major asset classes, as well as a comparison to the US market. All major asset classes in China have significant higher volatilities than their counterparts in the US market, but they do not always yield larger returns. Small-company stocks, short-, medium-, and long-term treasury bonds outperform their US counterparts, while large stocks underperform and long-term enterprise bonds yield similar returns.
Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship? Zhiguo He, Bibo Liu, Feifei Zhu, Jun 01, 2022 Our recent study analyzes the use of share pledging funds in the context of China. Survey evidence shows that a majority of the largest shareholders (67.3%) used pledging funds outside their listed firms, including financing their entrepreneurial activities.