Employee Output Response to Stock Market Wealth Shocks
Teng Li, Wenlan Qian, Wei A. Xiong, Xin Zou, Sep 27,
2023
Exploiting individual-level data linking worker performance and stock investment, we show that a 10% increase in stock investment returns is associated with a decrease in the same investor’s work output by 3.8% in the following month.
Trade Policy Uncertainty and New Firm Entry: Evidence from China
Chuantao Cui, Leona Shao Zhi Li, Sep 20,
2023
Exploiting China’s WTO accession as a quasi-natural experiment, this study finds that reduced trade policy uncertainty (TPU) in a major destination market promotes domestic entrepreneurial activities in China
Implicit Guarantees and the Rise of Shadow Banking: the Case of Trust Products
Franklin Allen, Xian Gu, C. Wei Li, Jun Qian, Yiming Qian, Sep 06,
2023
The prevalent implicit guarantees provided by financial intermediaries have been a central feature of shadow banking products in China. Our theoretical investigation shows that providing implicit guarantees can be the second-best arrangement and mitigate capital misallocation.
Homemade Foreign Trading
Zhiguo He, Yuehan Wang, Xiaoquan Zhu, Jul 26,
2023
Our recent study provides evidence that Chinese mainland insiders tend to evade see-through surveillance by round-tripping via the Stock Connect program.
China’s Growing Presence in Tax Havens: Implications for Policy and Research
Chris Clayton, Antonio Coppola, Amanda Dos Santos, Matteo Maggiori, Jesse Schreger, Jul 12,
2023
Chinese firms are increasingly utilizing tax havens like the Cayman Islands, Bermuda, and the British Virgin Islands to raise large sums of capital from foreign investors, accounting for over 60% of total offshore equities by 2020.