Display:
Sort By:

Webinar Series

|

Capital Market Development: China and Asia

|

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
  • View
  • Download
  • Bookmark
  •    |   

Webinar Series

|

Capital Market Development: China and Asia

|

Mar 2023

Indirect Effects of Access to Finance

Jing CAI, Adam SZEIDL
We created experimental variation across local markets in China in the share of firms having access to a new loan product, to measure the direct and indirect effects of access to finance. We find that:(1) Access to finance had a large positive direct effect on the performance of treated firms. (2) A...
  • View
  • Download
  • Bookmark
  •    |   

Webinar Series

|

Capital Market Development: China and Asia

|

Feb 2023

Judicial Independence, Local Protectionism, and Economic Integration: Evidence from China

Yi LU, Ernest LIU, Shaoda WANG, Wenwei PENG
We show that judicial independence can reduce local protectionism and foster crossregional economic integration. We exploit a judicial independence reform in China with staggered roll-out since 2014. The reform removed local governments’ control over local courts’ financial and personnel decisio...
Keywords: judicial independence, local protectionism, economic integration
  • View
  • Download
  • Bookmark
  •    |   

Webinar Series

|

Capital Market Development: China and Asia

|

Oct 2022

The Big Tech Lending Model

Wei XIONG, Lei LIU, Guangli LU
By comparing uncollateralized business loans made by a big tech lending program with conventional bank loans, we find that big tech loans tend to be smaller and have higher interest rates and that borrowers of big tech loans tend to repay far before maturity and borrow more frequently. This lending ...
  • View
  • Download
  • Bookmark
  •    |   

Webinar Series

|

Capital Market Development: China and Asia

|

Sep 2022

Internationalizing Like China

Jesse SCHREGER, Christopher CLAYTON, Amanda DOS SANTOS, Matteo MAGGIORI
We empirically characterize how China is internationalizing the Renminbi by selectively opening up its domestic bond market to foreign investors and propose a dynamic reputation model to explain this internationalization strategy. The Chinese government deliberately controlled the entry of foreign i...
Keywords: International Currency, Reserve Currency Competition, Exorbitant Privilege, Safe Assets, Reputation,
  • View
  • Download
  • Bookmark
  •    |