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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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Annual Conference

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Capital Market Development: China and Asia

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May 2013

To Group or Not to Group? Evidence from Mutual Fund Databases

Saurin PATEL, Sergei SARKISSIAN
Despite the overwhelming trend in mutual funds towards team management, empirical studies find no performance benefits for this phenomenon. We show it is caused by large discrepancies in reported managerial structures in CRSP and Morningstar Principia datasets versus SEC records, resulting in up to ...
Keywords: Database discrepancy, Management structure, Performance evaluation, Portfolio holdings
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Webinar Series

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Capital Market Development: China and Asia

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Jan 2024

The Value of Bankruptcy Enforcement in Financial Distress: Evidence from the Chinese Bond Market

Bo LI, Mai LI, Songnan LI, Laura Xiaolei LIU
The bankruptcy process in many countries is lengthy and cumbersome, which prevents creditors from getting repaid efficiently in distress. Exploiting the staggered introduction of specialized bankruptcy courts in China, we find that they lead to sizable reductions in the cost of debt financing. In pa...
Keywords: Bankruptcy Resolution, Creditor Protection, Cost of Debt, China’s Bond Market
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Webinar Series

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Capital Market Development: China and Asia

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Mar 2021

The SOE Premium and Government Support in China's Credit Market

Jun PAN, Zhe GENG
Studying China’s credit market, we find improved price efficiency and paradoxically, worsening segmentation as, amid government-led credit tightening, perceived government support for state-owned enterprises (SOEs) causes the credit spreads of non-SOEs to explode relative to their SOE counterparts...
Keywords: SOE Premium, Government Support, Credit Risk, Price Discovery, Chinese Corporate Bond
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Webinar Series

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Capital Market Development: China and Asia

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Nov 2023

The Rise of E-Wallets and Buy-Now-Pay-Later: Payment Competition, Credit Expansion, and Consumer Behavior

Lin William CONG, Wenlong BIAN, Yang JI
The past decade has witnessed a phenomenal rise of digital wallets, which is further accelerated by the COVID-19 pandemic. Such e-wallets provide not only a conduit to external bank accounts but also internal payment accounts, including the popular BuyNow-Pay-Later (BNPL). We examine, for the first ...
Keywords: Cashless, Consumer Credit, FinTech, Financial Inclusion, Mobile Wallet
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