Annual Conference

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Trade, Growth and Development

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May 2021

Trade wars and industrial policy competitions: Understanding the US-China economic conflicts

Xiaodong ZHU, Zi WANG, Hong MA, Jiandong JU
We provide a quantitative evaluation of the welfare impacts of the US-China trade conflict starting in 2018. We first document that the first wave of tariffs on China imposed by the Trump administration targeted China’s Industrial Policy rather than Chinese imports. They are concentrated on high t...
Keywords: Trade Policy, Industrial Policy, Economies of Scale, Substitutability in Input-Output Networks.
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Annual Conference

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Trade, Growth and Development

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May 2022

Trade Shocks and Bank Lending: Evidence from Antidumping Investigations of Chinese Firms

Chunbo LIU, Huimin SHI, Yu WU
Using credit registry data from China, this paper examines the implications of antidumping trade shocks on exporting country’s bank loan market. We find that a onestandard-deviation trade shock leads to a 7.2% increase in the likelihood of default in relative terms. Banks respond to the shock by r...
Keywords: Antidumping, Bank Lending, China, Spillover
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Annual Conference

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Trade, Growth and Development

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May 2024

Trade and Technology Compatibility in General Equilibrium

Weili CHEN, Jingting FAN, Wenlan LUO
We develop a model of endogenous production networks in which the horizontal proximity between a firm’s technology and the technology of its suppliers affects the input cost. Firms choose their technology balancing the benefit of moving in the technological space toward suppliers with the cost of ...
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2017

Tracking Retail Investor Activity

Ekkehart BOEHMER, Xiaoyan ZHANG, Charles M. JONES
We provide an easy way to use recent, publicly available U.S. equity transactions data to identify retail purchases and sales. Based on retail order imbalances, we find that retail investors are informed at horizons up to 12 weeks. Individual stocks with net buying by retail investors outperform sto...
Keywords: retail investors, price improvement, return predictability
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2019

Top Management Team Power in China: Measurement and Validation

Bin KE, Xinshu MAO, Bin WANG, Zhuo LUO
We propose and validate a comprehensive measure of power for the top management teams (TMTs) of publicly listed Chinese firms. We show that our measure is positively associated with the four power dimensions developed by prior research for U.S. firms as well as three Asia-relevant power dimensions, ...
Keywords: power, top management team, executive compensation, nonmarket institutional force, China
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