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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.
How Do Public Pensions Affect Eldercare Mode and Son Preference? An Empirical Study on the New Rural Pension Scheme in China
Naijia Guo, Wei Huang, Ruixin Wang, Dec 11, 2024How do public pension schemes reshape eldercare and social norms with son preference? Using variations in the timing of the New Rural Pension Scheme (NRPS) across rural Chinese counties..
The Pre-Announcement Drift in China: Government Meetings and Macro Announcements
Jun Pan, Qing Peng, Mar 20, 2024Confirming Chinese equity market is policy-driven, this study reveals a significant pre-Govt return before top government meetings, akin to the US pre-FOMC drift. It highlights the market's anticipation of these events and their impact on asset pricing, underscoring the centralized financial system in China.
Digital Dividends? Rural E-Commerce and the Urban-Rural Income Gap
Lei Wang, Yongming Sun, Oct 15, 2025We examine the impact of China’s Rural E-Commerce Comprehensive Demonstration (RECD) project on the urban-rural income gap. Using county-level data from 2006 to 2022 and a time-varying difference-in-differences design, we find that participation in the RECD project led to a significant reduction in urban-rural income disparity. The effects were especially pronounced in less-developed regions, poverty-designated counties, and areas with weaker digital infrastructure and gains were disproportionately concentrated among rural households. These “biased” digital dividends contrast with market-driven e-commerce development, such as Taobao Villages, which tended to exacerbate inequality.
Early Childhood Exposure to Health Insurance and Adolescent Outcomes: Evidence from Rural China
Wei Huang, Hong Liu, Jul 19, 2023We examine the impact of early-life exposure to public health insurance, the New Cooperative Medical Scheme (NCMS), on outcomes in adolescence in rural China.
