By means of a unique dataset of around half a million Chinese firms, we investigate the link between the use of a QR code-based mobile payment system and financial inclusion.
We examine the drivers of rising wealth inequality in urban China since 1995. We highlight the intertwined nature of growth and equity during China’s transition toward a market-oriented economy.
In Chinese culture, digit 8 (4) is taken as lucky (unlucky). We find that the numerological superstition has a profound impact across China’s stock, bond and foreign exchange markets, affecting asset prices in both the primary and secondary markets. The superstition effect, i.e., the probability of asset price ending with a lucky (unlucky) digit far exceeds (falls short of) what would be expected by chance, is everywhere.
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%.
We investigate the relationship between the allocation of government subsidies and total factor productivity for Chinese listed firms.