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Internationalizing Like China

Chris Clayton, Amanda Dos Santos, Matteo Maggiori, Jesse Schreger, Feb 08, 2023

China’s strategy for internationalizing the renminbi involves controlling the access of foreign investors to the domestic bond market.

Bond for Employment: Evidence from China

Yi Huang, Shu Lin, Haichun Ye, Feb 15, 2023

Using the unique institutional feature of government regulations in China, we provide robust evidence that firms with a larger employment size have significantly better access to bond credit.

Tournament-Style Political Competition and Local Protectionism: Theory and Evidence from China

Hanming Fang, Ming Li, Zenan Wu, Feb 22, 2023

Inter-jurisdictional competition in a regionally decentralized authoritarian regime distorts local politicians’ incentives in resource allocation among firms from their own city and a competing city.

The Value of Bankruptcy Court in Financial Distress: Evidence from Chinese Bond Market

Bo Li, Mai Li, Songnan Li, Laura Xiaolei Liu, Mar 15, 2023

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%.

From Wall Street to Hong Kong:The Value of Dual Listing for China Concept Stocks

Zhuo Chen, Grace Xing Hu, Ziqiong Xi, Xiaoquan Zhu, Mar 22, 2023

The recent cross-border regulation tensions between the US and China have exposed many US-listed China Concepts Stocks to substantial delisting risks, forcing them to pursue dual listings on the Hong Kong Stock Exchange.