Webinar Series

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

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Sep 2022

We combine survey and behavioral data to analyze consumers’ data-sharing choices in a realistic setting in which they exchange personal data for digital services. We find that respondents with stronger privacy concerns authorize more, rather than less, data sharing, confirming the data privacy par...
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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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Dec 2022

Using a proprietary dataset from 2016 to 2019, we find that order flows from foreign investors, facilitated by regulatory liberalization through several channels, present strong predictive power for future stock returns in the Chinese market. Most surprisingly, foreign investors possess the ability ...
Keywords: Foreign investors, the Chinese stock market, public information, market liberalization
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Webinar Series

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Capital Market Development: China and Asia

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Nov 2022

This paper studies entrepreneurship and the creation of new firms through the lens of serial entrepreneurs, i.e., entrepreneurs who establish more than one firm. Drawing on data on the universe of all firms in China, we document key facts about serial entrepreneurs and how they differ from non-seria...
Keywords: Serial Entrepreneurship, Entrepreneurship, Capital Distortions, Sector Choice
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Webinar Series

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Capital Market Development: China and Asia

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Oct 2022

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 ...
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Webinar Series

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Capital Market Development: China and Asia

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Sep 2022

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,
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