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Webinar Series

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Capital Market Development: China and Asia

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Aug 2022

The Economic Cost of Locking down like China: Evidence from City-to-City Truck Flows

Ernest LIU, Zheng Michael SONG, Jingjing CHEN, Jie LUO, Wei CHEN
Containing the COVID-19 pandemic by non-pharmacological interventions is costly. Using high-frequency, city-to-city truck flow data, this paper estimates the economic cost of lockdown in China, a stringent but effective policy. By comparing the truck flow change in the cities with and without lockdo...
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Webinar Series

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Capital Market Development: China and Asia

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Jul 2022

Road to Stock Market Participation

Sumit AGARWAL, Pulak GHOSH, Meghana AYYAGARI, Yuxi CHENG
We study the impact of a national road construction program that brought access to previously unconnected pincodes in India, on stock market participation. Using a unique dataset on the trading behavior of over 13 million individuals, we find that construction of new feeder roads to a pincode increa...
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Webinar Series

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Capital Market Development: China and Asia

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Jun 2022

On the Rise of Payment Firms

Manju PURI, Valentin BURG, Tobias BERG, Jan KEIL
Payment firms have experienced an exceptional growth over the past decade, with payment firms’ market capitalization now exceeding the combined market capitalization of all banks in the U.S. We show that stock returns of payment firms are strongly correlated with stock returns of ECommerce firms. ...
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Annual Conference

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Household Finance, Senior Fellows/Fellows, Capital Market Development: China and Asia

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May 2022

FinTech Adoption and Household Risk-Taking

Claire Yurong HONG, Xiaomeng LU, Jun PAN
Using a unique FinTech data containing monthly individual-level consumption, investments, and payments, we examine how FinTech can lower investment barriers and improve risk-taking. Seizing on the rapid expansion of offline usages of Alipay in China, we measure individuals’ FinTech adoption by the...
Keywords: FinTech, Digital Payment, Financial Inclusion, Consumption, Risk Taking
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Annual Conference

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Investment Finance, Senior Fellows/Fellows, Capital Market Development: China and Asia

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May 2022

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, Information content
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