Latest
From Wall Street to Hong Kong:The Value of Dual Listing for China Concept Stocks Zhuo Chen, Grace Xing Hu, Ziqiong Xi, Xiaoquan Zhu, Mar 22, 2023 The recent cross-border regulation tensions between the US and China have exposed many US-listed China Concepts Stocks to substantial delisting risks, forcing them to pursue dual listings on the Hong Kong Stock Exchange.
The Value of Bankruptcy Court in Financial Distress: Evidence from Chinese Bond Market Bo Li, Mai Li, Songnan Li, Laura Xiaolei Liu, Mar 15, 2023 In this paper, we find that the introduction of specialized bankruptcy courts, which are run by better-trained judges and subject to less government intervention, reduces the cost of bond financing by around 10%.
Empowered Young Women: Trade Liberalization and Women’s Family Decisions in China Difei Ouyang, Weidi Yuan, Yuan Zi, Mar 08, 2023 How do women’s marriage and fertility decisions respond to trade liberalization? This column finds that Chinese prefectures more exposed to the US granting of permanent normal trade relations to China have experienced a relative increase in the fraction of unmarried young women and young women without children.
Tournament-Style Political Competition and Local Protectionism: Theory and Evidence from China Hanming Fang, Ming Li, Zenan Wu, Feb 22, 2023 Inter-jurisdictional competition in a regionally decentralized authoritarian regime distorts local politicians’ incentives in resource allocation among firms from their own city and a competing city.
Bond for Employment: Evidence from China Yi Huang, Shu Lin, Haichun Ye, Feb 15, 2023 Using the unique institutional feature of government regulations in China, we provide robust evidence that firms with a larger employment size have significantly better access to bond credit.
Internationalizing Like China Chris Clayton, Amanda Dos Santos, Matteo Maggiori, Jesse Schreger, Feb 08, 2023 China’s strategy for internationalizing the renminbi involves controlling the access of foreign investors to the domestic bond market.
Local Government Financial Constraint and Spending Multiplier in China Yang Su, Dec 28, 2022 Local fiscal policies have been very effective in China since 2000.
The Rise and Fall of Imperial China Yuhua Wang, Dec 21, 2022 Why do some states stay intact for centuries, while others fall relatively soon after they are founded?
Social Media Engagement Increases Government Action, Decreases Pollution Mark Buntaine, Michael Greenstone, Guojun He, Mengdi Liu, Shaoda Wang, Bing Zhang, Dec 14, 2022 In China, citizen participation in environmental governance via social media could significantly improve regulatory effort, leading to substantial environmental benefits.
BigTech Credit and Monetary Policy Transmission Yiping Huang, Xiang Li, Han Qiu, Changhua Yu, Dec 07, 2022 By comparing business loans made by a BigTech bank with those made by traditional banks, this study finds that BigTech loans tend to be smaller, and the BigTech lender is more likely to grant credit to new borrowers than conventional banks in response to expansionary monetary policy.
Recent
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.
Mapping U.S.-China Technology Decoupling, Innovation, and Firm Performance Pengfei Han, Wei Jiang, Danqing Mei, Dec 01, 2021 We develop measures for technology decoupling and dependence between the U.S. and China based on combined patent data. The first two decades of the century witnessed a steady increase in technology integration (or less decoupling), but China’s dependence on the U.S. increased (decreased) during the first (second) decade. Decoupling in a technology field predicts China’s growing dependence on U.S. technology, which, in turn, predicts less decoupling further down the road...
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