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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).

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.

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).

Feedback Trading and the Chinese Put Warrants Bubble

Neil D. Pearson, Zhishu Yang, Qi Zhang, Jul 27, 2022

There was a bubble in the prices of put warrants traded on the Shanghai and Shenzhen stock exchanges during the summer of 2007. We use investor trading records from a large securities firm to show that put warrant investors engaged in a particular form of feedback trading. This feedback trading exacerbated an initial run-up in put warrant prices caused by a change in the stock transaction tax, and created the bubble.

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.