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Financing Micro-entrepreneurship in Online Crowdfunding Markets: Local Preference versus Information Frictions
Jian Ni, Yi Xin, Sep 30, 2020Crowdfunding has become an important financing alternative for micro-entrepreneurship. We study to what extent bias toward local entrepreneurs is prevalent in crowdfunding markets, determine the main driving forces for such bias, and examine how crowdfunding platforms and policymakers can leverage these forces to stimulate micro-entrepreneurship. Even though online crowdfunding platforms are designed to overcome geographic barriers, we find evidence of strong local bias induced by both informational frictions and local preference, with the former being more important.
BigTech Credit and Monetary Policy Transmission
Yiping Huang, Xiang Li, Han Qiu, Changhua Yu, Dec 07, 2022By comparing business loans made by a BigTech bank with those made by traditional banks, this study finds that BigTech loans tend to be smaller, and the BigTech lender is more likely to grant credit to new borrowers than conventional banks in response to expansionary monetary policy.
“I Still Haven’t Found What I’m Looking For”: Evidence of Directed Search from a Field Experiment
Haoran He, David Neumark, Qian Weng, Jun 16, 2021We explore the impact of wage offers on job applications, testing implications of the directed search model and trying to distinguish it from random search. We use a field experiment conducted on an online Chinese job board, with real jobs for which we randomly varied the wage offers across three ranges. We find that higher wage offers raise application rates overall, which is consistent with directed search...
Superstition Everywhere
Jinfan Zhang, Huancheng Du, Mar 09, 2022In Chinese culture, digit 8 (4) is taken as lucky (unlucky). We find that the numerological superstition has a profound impact across China’s stock, bond and foreign exchange markets, affecting asset prices in both the primary and secondary markets. The superstition effect, i.e., the probability of asset price ending with a lucky (unlucky) digit far exceeds (falls short of) what would be expected by chance, is everywhere.
Government-Directed Urban Growth, Firm Entry, and Industrial Land Prices in Chinese Cities
Jan K. Brueckner, Wenhua Liu, Wei Xiao, Junfu Zhang, May 17, 2023We examine the effect of large-scale administrative reorganization in China, where counties are annexed into cities to accommodate urban growth.
