Webinar Series

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Capital Market Development: China and Asia

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Dec 2021

Zombies, Again? The COVID-19 Business Support Programs in Japan

Takeo HOSHI, Kenichi UEDA, Daiji KAWAGUCHI
We designed and conducted a firm-level survey on the use of COVID-19-related government programs, in collaboration with Tokyo Shoko Research, LTD (TSR). Combining the survey results with the financial statements of the respondent firms, we investigated the factors behind the allocation of various go...
Keywords: COVID-19, subsidies, Loans, Government, Japan
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Webinar Series

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Innovation, Productivity and Challenges in the Digital Era: Asia and Beyond

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Oct 2022

Why Are Small Businesses Slow to Adopt Profitable Opportunities?

Sean HIGGINS, Paul J. GERTLER, Ulrike MALMENDIER, Waldo OJEDA
Why are small businesses often slow to adopt new profitable opportunities, even in the absence of informational frictions, fixed costs, or misaligned incentives? We explore three potential mechanisms: present bias, memory, and trust in other firms. In partnership with a financial technology (FinTech...
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Webinar Series

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Capital Market Development: China and Asia

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Mar 2022

What Gets Measured Gets Managed: Investment and the Cost of Capital

Zhiguo HE, Baolian WANG, Guanmin LIAO
We study the impact of government-led incentive systems by examining a staggered reform in the Chinese state-owned enterprise (SOE) performance evaluation policy. To improve capital allocative efficiency, in 2010, regulators switched from using return on equity (ROE) to economic value added (EVA) wh...
Keywords: CEO compensation, Capital budgeting, Cost of Capital, Corporate governance, Economic reform, Transition economy
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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

Xiaoqiao WANG, Jing XIE, Xiaofeng ZHAO, 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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Pandemic

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Jul 2020

Unmet Needs: Healthcare Crowd-out During the COVID-19 Pandemic

Manuel HERMOSILLA, Jian NI, Haizhong WANG, Jin ZHANG
Efficient resource allocation, during a possible new wave of the COVID-19 pandemic and similar public health crisis, requires understanding whether (and to which extent) COVID-related healthcare demand may displace or crowd-out non-COVID care. We study this crowd-out hypothesis using a large sample ...
Keywords: COVID-19, Healthcare Crowd-Out, Differences-In-Differences-In-Differences, Online Drug Retailing, Healthcare Capacity, Rx/OTC
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