A Bridge on Economic Issues between China and the World
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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.
Cash in the Darkness
Haohan Ren, Kemin Wang, Bohui Zhang, Fan Zhang, Jan 12, 2024Relying on a large dataset on cash withdrawals of over 165 million bank cards from China, we find a higher ratio of cash withdrawals late at night is associated with criminal activity.
How Credible Is Hong Kong’s Currency Peg
Urban Jermann, Bin Wei, Vivian Yue, Apr 08, 2026Using daily spot exchange rates and derivatives prices, we estimate a peg-survival probability p and an implied fundamental value of V for HKD under an alternative regime...
Window Dressing in the Public Sector: Evidence from China’s Compulsory Education Promotion Program
Hanming Fang, Chang Liu, Li-An Zhou, Nov 15, 2023We 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.
Environmental Externalities, Product Attributes, and Market Power: Implications for Government Subsidies
Panle Jia Barwick, Hyuk-soo Kwon, Shanjun Li, Sep 18, 2024The article discusses how attribute-based subsidy (ABS) designs lead to higher product quality and more effectively mitigate market power than uniform subsidies, albeit with a modest environmental cost.
