Demand for Retirement Insurance: What Do People Want?

This article discusses the diversity and preference variations in the demand for retirement insurance among urban residents in China, particularly the high demand for health-related insurance such as critical illness (CI) and long-term care (LTC) insurance, and how individual financial circumstances, risk appetites, and bequest motives significantly influence their choice of retirement insurance products.

Environmental Externalities, Product Attributes, and Market Power: Implications for Government Subsidies

The 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.

The Externalities of ESG Disclosure

This article discusses that China's mandatory Environmental, Social, and Governance (ESG) disclosure policies have led firms to increase their donations for poverty alleviation, yet paradoxically have also resulted in higher pollution levels, thereby highlighting the potential environmental negative externalities that can arise from the government's mild steering of corporate behavior through disclosure mandates.

Excessive Issuance of New Funds in China and Implications for Investor Protection

The 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.

Cooperative Culture and the Birth of Modern Enterprises in China