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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.
What Happens to Rural Labor Supply Following the Birth of a Son or a Daughter?
Shing-Yi Wang, Nov 20, 2019Our research shows that rural Chinese women's labor supply falls for one year following the birth of a daughter before returning to pre-birth levels while the negative impact of a son on women's labor supply is larger and persists for four years. Furthermore, there is a decrease in household cigarette consumption, and an increase in the mother's probability of being in school, her leisure time, and her participation in...
High-Speed Rail and China's Electric Vehicle Adoption Miracle
Hanming Fang, Ming Li, Long Wang, Yang Yang, Mar 19, 2025We investigate whether high-speed rail (HSR) connectivity influences electric vehicle (EV) adoption, using a quasi-natural experiment from China’s HSR expansion and several identification strategies. Our findings consistently show that, by alleviating range anxiety, the expansion of HSR can account for up to one third of the increase in EV market share and EV sales in China during our sample period from 2010 to 2023, with effects particularly pronounced in cities served by faster HSR lines. These results suggest that transportation infrastructure can play a complementary role in accelerating the transition to electric mobility.
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.
Industrial Policy: Lessons from Shipbuilding
Panle Jia Barwick, Myrto Kalouptsidi, Nahim Bin Zahur, Dec 18, 2024The article discusses that although China's industrial policy (IP) in the shipbuilding industry significantly increased domestic shipbuilding production and global market share, it had limited effects on improving domestic welfare and led to inefficient allocation of resources.
