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Webinar Series

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Capital Market Development: China and Asia

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Mar 2024

EXIM’s Exit: The Real Effects of Trade Financing by Export Credit Agencies

Poorya KABIR, Karsten MULLER, Adrien MATRAY, Chenzi XU
We study the role of export credit agencies—the predominant tool of industrial policy—on firm behavior by using the effective shutdown of the Export-Import Bank of the United States (EXIM) from 2015-2019 as a natural experiment. We show that firms that previously relied on EXIM support saw a 18%...
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Webinar Series

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Capital Market Development: China and Asia

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Jan 2024

The Value of Bankruptcy Enforcement in Financial Distress: Evidence from the Chinese Bond Market

Bo LI, Mai LI, Songnan LI, Laura Xiaolei LIU
The bankruptcy process in many countries is lengthy and cumbersome, which prevents creditors from getting repaid efficiently in distress. Exploiting the staggered introduction of specialized bankruptcy courts in China, we find that they lead to sizable reductions in the cost of debt financing. In pa...
Keywords: Bankruptcy Resolution, Creditor Protection, Cost of Debt, China’s Bond Market
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Webinar Series

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Capital Market Development: China and Asia

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Dec 2023

Unraveling the Dividend Puzzle: A Field Experiment

Bohui ZHANG
We conduct a field experiment to test four dividend theories. We enhance managers’ perception of investors’ agency concerns, investors’ risk preference, investors’ information demand, and investors’ tax status respectively in four treatment groups. We find that past payers receiving the ag...
Keywords: Dividend policy, Field experiment, Agency costs, Investor Relations
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Webinar Series

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Capital Market Development: China and Asia

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Nov 2023

The Rise of E-Wallets and Buy-Now-Pay-Later: Payment Competition, Credit Expansion, and Consumer Behavior

Lin William CONG, Wenlong BIAN, Yang JI
The past decade has witnessed a phenomenal rise of digital wallets, which is further accelerated by the COVID-19 pandemic. Such e-wallets provide not only a conduit to external bank accounts but also internal payment accounts, including the popular BuyNow-Pay-Later (BNPL). We examine, for the first ...
Keywords: Cashless, Consumer Credit, FinTech, Financial Inclusion, Mobile Wallet
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Webinar Series

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Capital Market Development: China and Asia

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Oct 2023

How Do Firms Withstand a Global Economic Shock: Evidence from Within-Firm Responses

Vyacheslav (Slava) FOS, Xiao CHEN, Wei JIANG
China’s Five-Year Plans (industrial policies targeting specific industries) displace US production/employment and heighten plant closures in the same industries. The shocks were not anticipated by the U.S. stock market, but firms in the treated industries suffer valuation loss afterwards. Firms ad...
Keywords: Within-firm adjustment, global economic shocks
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