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What Gets Measured Gets Managed: Investment and the Cost of Capital

Zhiguo He, Guanmin Liao, Baolian Wang, Aug 09, 2023

To improve capital allocative efficiency, starting in 2010, Chinese regulators switched from using return on equity to economic value added (EVA).

Environmentally Inclined Politicians and Local Environmental Performance:Evidence from Publicly Listed Firms in China

Hanming Fang, Honglin Ren, Danwen Song, Nianhang Xu, May 31, 2023

We investigate whether and how environmentally inclined politicians (EIPs), i.e., politicians with prior environment-related work experience, affect local environmental performance in China.

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.

Window Dressing in the Public Sector: Evidence from China’s Compulsory Education Promotion Program

Hanming Fang, Chang Liu, Li-An Zhou, Nov 15, 2023

We document public-sector window dressing behavior in China’s Compulsory Education Promotion Program during the 1990s. Window-dressing behavior has been well-documented in various organizations when an agent faces high-stakes incentives.

Trade Policy Uncertainty and New Firm Entry: Evidence from China

Chuantao Cui, Leona Shao Zhi Li, Sep 20, 2023

Exploiting China’s WTO accession as a quasi-natural experiment, this study finds that reduced trade policy uncertainty (TPU) in a major destination market promotes domestic entrepreneurial activities in China