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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.
Social Media Engagement Increases Government Action, Decreases Pollution
Mark Buntaine, Michael Greenstone, Guojun He, Mengdi Liu, Shaoda Wang, Bing Zhang, Dec 14, 2022In China, citizen participation in environmental governance via social media could significantly improve regulatory effort, leading to substantial environmental benefits.
Consumer-Financed Fiscal Stimulus Evidence from Digital Coupons in China
Jing Ding, Lei Jiang, Lucy Msall, Matthew J. Notowidigdo, Feb 05, 2025In 2020, local governments in China began issuing digital coupons to stimulate spending in targeted categories such as restaurants and supermarkets. We find that the coupons caused large increases in spending of 3.1–3.3 yuan per yuan spent by the government. The large spending responses do not come from substitution away from non-targeted spending categories or from short-run intertemporal substitution. We conclude that digital coupons are a cost-effective way to provide targeted fiscal stimulus to specific sectors of the economy.
How Does Salient Academic Rank Affect Student Performance? Insights from a Chinese Middle School Study
Rigissa Megalokomomou, Yi Zhang, Nov 20, 2024This article reveals interesting insights into the effects and mechanisms of achievement rank when it becomes salient to students and their parents.
Foreign-Invested Enterprises and the Transmission of Global Financial Uncertainty: Evidence from China
Shujie Wu, Haichun Ye, Jul 21, 2021How are global financial uncertainty shocks transmitted across borders? What is the role of nonfinancial multinational companies in the cross-border shock transmission? Using Chinese firm-level data, we find that rising global financial uncertainty has a significantly larger contractionary effect on real investment for foreign-invested enterprises (FIEs) than their local counterparts. The differential responses to global financial uncertainty are more pronounced for firms...
