A Bridge on Economic Issues between China and the World
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Credit Constraints and Fraud Victimization: Evidence from a Representative Chinese Household Survey
Nan Gao, Yuanyuan Ma, Lixin Colin Xu, Jun 09, 2021How and why do household credit constraints affect fraud victimization when households face fraud schemes? Using the urban sample of a novel nationally representative data set on fraud victimization and household finance, we find that households facing credit constraints are associated with a higher probability of becoming fraud victims and suffer from higher economic losses from frauds than households...
Government as Venture Capitalists in AI
Martin Beraja, Wenwei Peng, David Yang, Noam Yuchtman, Nov 06, 2024This article discusses that government venture capital funds in China are more geographically dispersed than private venture capital, particularly in inland and less developed areas, and they are more inclined to invest in AI companies with weaker ex-ante productivity signals.
Housing Wealth and Online Consumer Behavior: Evidence from the Xiong’an New Area in China
Hanming Fang, Long Wang, Yang Yang, Nov 16, 2022We provide new evidence on the causal effects of housing wealth on consumer behavior.
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.
Excessive Issuance of New Funds in China and Implications for Investor Protection
Shuai Ye, Jinfan Zhang, Kaixuan Zheng, Jun 25, 2025The Chinese mutual fund industry is only one-tenth the size of its US counterpart, but the number of funds in China has surpassed that of the US. Our study shows that such a large number of funds is unhealthy: managers issue new funds repetitively with different custodian banks, resulting in the average manager overseeing 2.7 funds. Managers shift profits to new funds in order to attract more flows. Among funds under the same manager, new funds have higher returns than old funds, spurring concerns over investor protection.
