Annual Conference

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Corporate Finance

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May 2022

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

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

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

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, Migr
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Annual Conference

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Trade, Growth and Development

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May 2022

We examine how industry-university collaboration (IUC) enhances Chinese firms’ commercialization of their technologies using a comprehensive dataset of mediumsized and large industrial firms and research universities in China. Measuring IUC with the occurrence and frequency of patents co-assigned ...
Keywords: Industry-University Collaboration, Corporate Innovation, Technology Commercialization, Technology Tr
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