Annual Conference

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Corporate Finance

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May 2022

Advanced Manufacturing, Product Innovations, Productivity and Growth

Elvira SOJLI, Leo LIU, Wing Wah THAM
This paper studies the role and complementarity of advanced manufacturing processes and product innovations for growth using new time-varying measures of process innovations, validated by patent examiners, from 1900 to 2020 across 60 countries. We uncover large and distinct effects of advanced manuf...
Keywords: Process innovation, Product innovation, Process-driven products, firm growth, Economic growth, Growth convergence
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Annual Conference

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Corporate Finance

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May 2022

Smokestacks and the Swamp

Arkodipta SARKAR, Emilio BISETTI, Stefan LEWELLEN, Xiao ZHAO
We examine the causal effect of politicians’ partisan ideologies on the industrial pollution decisions of constituent firms. Using a regression discontinuity design involving close U.S. congressional elections, we show that plants increase pollution and invest less in emissions abatement following...
Keywords: Political ideology, industrial pollution, reallocation, health outcomes
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Annual Conference

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Corporate Finance

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May 2022

CEO Hometown Preference in Corporate Environmental Policies

Qifei ZHU, Wei LI, Qiping XU
We exploit within-firm variations in plant-level toxic releases to document the effect of managerial hometown favoritism on corporate environmental policies. We find that pollution intensity is 20% lower for plants near CEOs’ hometowns, and this reduction is facilitated by waste management efforts...
Keywords: CEO, Hometown favoritism, Corporate environmental policies, Corporate social responsibility (CSR)
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Annual Conference

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Corporate Finance

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May 2022

Coming to the Rescue: the Role of Government Venture Capital in the U.S.-China Trade War

Joy CHEN, Robin Kaiji GONG, Jinlin LI
Based on a novel dataset of venture capital (VC) funds and startups in China, we study the impact of the U.S.-China trade war on China’s VC market and the role of government-funded VCs (GVCs). Employing a difference-in-differences strategy, we document that independent venture capital funds (IVCs)...
Keywords: Trade War, Venture Capital, Innovation, Industrial Policy, China
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Annual Conference

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Trade, Growth and Development

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May 2022

Unequal Transition: The Making of China's Wealth Gap

Lijun ZHU, Yu ZHENG, Yangtian JIANG
This paper studies the evolution of wealth inequality during China’s rapid economic growth since its market-oriented reforms in the early 1990s. We first document the evolution and composition of China’s wealth distribution and summarize stylized facts on aspects of the growth and reform process...
Keywords: Wealth inequality, The Chinese economic reform, Financial frictions, Entrepreneurship, Housing, Migration
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