A Bridge on Economic Issues between China and the World
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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.
The Effects of a Multifaceted Poverty-Alleviation Program on Rural Income and Household Behavior in China
Rui Li, Hong Song, Jun Zhang, Junsen Zhang, Feb 12, 2025This study examines the effects of a government-led, large-scale, multifaceted poverty-alleviation program on rural income in China. We find that the program has a positive impact on national key poor counties, with a 10.9% increase in rural income. This effect mainly arises via industrial support, agricultural development, and public service improvement. Strategies that are consistent with local comparative advantages and incentivize local officials to reduce poverty yield more significant effects. Household-level analyses suggest that the program changes household income and expenditure, and the effects are particularly substantial for the poorest households. The study provides novel insights and policy implications for China’s recent experience with poverty alleviation.
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...
Peer Effects, Political Competition, and Ecological Efficiency
Xudong Chen, Bihong Huang, Yantuan Yu, Jul 29, 2020This study examines the impacts of political competition on eco-efficiency. We first develop a theoretical model in which local government officials compete against each other to maximize their own political score. We find that after an initial stage of decline, eco-efficiency eventually increases once environmental performance becomes a meaningful component of local government officials’ annual assessment. These theoretical predictions are corroborated...
