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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.
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.
What Gets Measured Gets Managed: Investment and the Cost of Capital
Zhiguo He, Guanmin Liao, Baolian Wang, Aug 09, 2023To improve capital allocative efficiency, starting in 2010, Chinese regulators switched from using return on equity to economic value added (EVA).
“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...
Employee Output Response to Stock Market Wealth Shocks
Teng Li, Wenlan Qian, Wei A. Xiong, Xin Zou, Sep 27, 2023Exploiting individual-level data linking worker performance and stock investment, we show that a 10% increase in stock investment returns is associated with a decrease in the same investor’s work output by 3.8% in the following month.
