A Bridge on Economic Issues between China and the World
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Competitive Effects of China’s Listing Suspensions
Frank Packer, Mark M. Spiegel, Oct 28, 2020China’s suspensions of initial public offerings (IPOs) provide a unique opportunity to evaluate the competitive effects of IPO activity on listed firms, as existing studies are challenged by the influence of market conditions on IPO timing. We evaluate the stock returns of listed firms on the Shanghai and Shenzhen exchanges over the three most recent suspensions. We confirm adverse effects on listed firms from IPOs, both from direct competition and from the creation of close asset substitutes. We also find that weaker firms are more exposed to the adverse effects of IPO listings.
Outward FDI and Domestic Input Distortions: Evidence from Chinese Firms
Cheng Chen, Wei Tian, Miaojie Yu, Sep 08, 2021A recent study shows that domestic input distortions faced by private firms in China have generated extra incentives for those firms to invest and produce abroad. This finding helps explain an astonishing increase in China’s outward foreign direct investment (FDI) flows since the financial crisis.
How Do Workers and Households Adjust to Robots?
Osea Giuntella, Yi Lu, Tianyi Wang, Apr 26, 2023We analyze the effects of exposure to industrial robots on labor markets and household behaviors, exploring longitudinal household data from the China Family Panel Studies.
Employment Protection and Corporate Cash Holdings: Evidence from China’s Labor Contract Law
Chenyu Cui, Kose John, Jiaren Pang, Haibin Wu, Oct 13, 2021We examine whether and how employment protection influences corporate cash holdings using Chinese firm-level data. Our empirical results show that labor-intensive firms in China significantly increased their cash holdings following the enactment of China’s Labor Contract Law. Further analyses suggest that the results are generally consistent with a “labor adjustment costs” channel: employment protection...
Connections and Buildings collapse in the Sichuan Earthquake
Yiming Cao, May 24, 2023This study investigates the factors contributing to building damage during the 2008 Sichuan earthquake.
