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Picking Winners? Government Subsidies and Firm Productivity in China

Lee G. Branstetter, Guangwei Li, Mengjia Ren, Jun 21, 2023

We investigate the relationship between the allocation of government subsidies and total factor productivity for Chinese listed firms.

State Versus Market: China’s Infrastructure Investment

Shuoge Qian, Hong Ru, Wei Xiong, Mar 13, 2024

In 2005, the Chinese government launched the landmark “36 Clauses” reform, marking a critical step toward forging a more favorable market environment.

Superstition Everywhere

Jinfan Zhang, Huancheng Du, Mar 09, 2022

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.

Discounting Chinese Industrial Policy

Andrew J.Sinclair, Chuyi Zhang, Jan 31, 2024

The Chinese government supports the development of dozens of industries today, but the long-run sustainability of this model depends crucially on policy efficiency.

Housing Wealth and Online Consumer Behavior: Evidence from the Xiong’an New Area in China

Hanming Fang, Long Wang, Yang Yang, Nov 16, 2022

We provide new evidence on the causal effects of housing wealth on consumer behavior.