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Webinar Series

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Capital Market Development: China and Asia

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Nov 2021

Angry Borrowers: Negative Reciprocity in a Financial Market

Li LIAO, Zhengwei WANG, Jun YANG, Congyi ZHOU, Hongjun YAN
We examine the consequences of an intrusive debt-collection tactic that targets delinquent borrowers’ social circles. Our identification strategy relies on the fact that some of the delinquent loans are not worked on due to collection agents’ excessive workload. We show that this tactic backfire...
Keywords: Behavioral finance, Reciprocity, Privacy Infringement, Social Pressure
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Webinar Series

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Capital Market Development: China and Asia

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Oct 2021

FinTech as a Financial Liberator

Greg BUCHAK, Jiayin HU, Shang-Jin WEI
A binding interest rate cap on household savings is a common form of financial repression in developing economies and typically benefits banks. Using proprietary data from a leading Chinese FinTech company, we study Fintech's role in ending financial repression in China through the introduction of a...
Keywords: FinTech, bank deposits, money market fund, financial repression, interest rate liberalization
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Webinar Series

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Capital Market Development: China and Asia

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Oct 2021

Understanding Retail Investors: Evidence from China

Charles M. JONES, Donghui SHI, Xinran ZHANG, Xiaoyan ZHANG
Using comprehensive account-level data from 2016 to 2019, we examine retail investor trading behavior in the Chinese stock market. We separate millions of retail investors into five groups by their account sizes and document strong heterogeneity in their trading dynamics and performance. Retail inve...
Keywords: retail investors, Chinese stock market, return predictability, liquidity, information content
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Webinar Series

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Capital Market Development: China and Asia

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Sep 2021

Data versus Collateral

Leonardo GAMBACORTA, Yiping HUANG, Zhenhua LI, Shu CHEN
The use of massive amounts of data by large technology firms (big techs) to assess firms’ creditworthiness could reduce the need for collateral in solving asymmetric information problems in credit markets. Using a unique dataset of more than 2 million Chinese firms that received credit from both a...
Keywords: asymmetric information, Banks, big data, big tech, Collateral, credit markets
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Webinar Series

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Capital Market Development: China and Asia

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Aug 2021

Special Deals from Special Investors: The Rise of State-Connected Private Owners in China

Chang-Tai HSIEH, Chong-En BAI, Zheng Michael SONG
We use administrative registration records with information on the owners of all Chinese firms to document the importance of “connected” investors, defined as state-owned firms or private owners with equity ties with state-owned firms, in the businesses of private owners. We document a hierarchy...
Keywords: joint venture, equity, investments, private owners, state-owned firms
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