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How Do Zombie Firms Affect Innovation? Evidence from China’s Industrial Firms
Yun Dai, Wei Li, Yongqin Wang, May 08, 2019Zombie firms are insolvent firms that continue to operate due to continued access to financing at extremely low costs. Nie et al. (2016) find that in the year 2013 about 14 percent of Chinese-listed firms and 7.5 percent of Chinese manufacturing firms are defined as zombie firms. The large amount of financing subsidies distributed to insolvent zombie firms...
China’s Producer Price Reflation in 2016–2017: Capacity Cuts or Recovering Aggregate Demand?
Linxi Chen, Ding Ding, Rui C. Mano, Nov 23, 2018In late 2015, the Chinese government launched a multi-year plan to reduce capacity in the coal and steel industries. Around the same time, producer price inflation in China started to pick up strongly after being trapped in negative territory for 4½ years. What is behind this broad reflation—cuts in coal and steel capacity or a strengthening of aggregate demand...
The Long-term Persistence of Informal Finance in China
Jinyan Hu, Chicheng Ma, Bo Zhang, Jan 24, 2018By using data on 137 counties in north China, we find that the density of financial institutions (Qianzhuang and Diandang) in the late Qing period has a significant positive effect on the number and total assets of small loan companies, a dominant institution of informal finance today. The persistent effect of historical financial institutions can be explained by Confucian culture, which instills integrity, lineage solidarity and acquaintance networks.
The Effect of Computer-Assisted Learning on Students’ Long-Term Development
Nicola Bianchi, Yi Lu, Hong Song, Feb 17, 2021We examine the effect of computer-assisted learning on students’ long-term development. We explore the implementation of the largest ed-tech intervention in the world to date, which connected China’s best teachers to more than 100 million rural students through satellite internet. Exposure to the program improved students’ academic achievement, labor performance, and computer usage for at least ten years after program implementation. These findings indicate...
In-Consumption Social Listening with Moment-to-Moment Unstructured Data
Qiang Zhang, Wenbo Wang, Yuxin Chen, Jan 03, 2019Major video and live streaming platforms in China have recently introduced a live commenting feature that allows viewers to post comments in real time during video content consumption. Building on the rich live comment data, this research proposes a novel approach for in-consumption social listening to extract live consumption experience. The approach is demonstrated in the context of online movie watching...
