Senior Fellows/Fellows

Personal Bankruptcy Law and Innovation around the World

Douglas CUMMING, Randall MORCK, Zhao RONG, Minjie ZHANG
Because corporate limited liability protects the founder’s personal assets, creditors often require founders of new, small and risky firms to contract around limited liability by pledging their personal assets as collateral for loans to their firms. This makes personal bankruptcy law (PBL) relevan...
Keywords: Personal bankruptcy law, innovation, patents, Cross-country study
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Webinar Series

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Capital Market Development: China and Asia

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Mar 2025

Digital Technology, Legal Reforms, and Bank Lending

Yi HUANG, Yuchao PENG, Yangfan SUN, Nanxuan WANG, Bernard YEUNG
The introduction of online collateral auctions through legal reform has established a more efficient bankruptcy resolution mechanism. This technology-driven change has enhanced the ex-ante value of secured loans, influencing the supply, demand, and composition of bank lending. Using granular loan-le...
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Senior Fellows/Fellows

A Comprehensive GIS Database for China’s Surface Transport Network with Implications for Transport and Socioeconomics Research

Steven J. DAVIS, Meijun QIAN, Wen ZENG
We build a granular GIS database that covers China’s national highways, modern motorways, traditional railways, high-speed railways, and waterways at an annual frequency from 1993 to 2020. Overall network length more than tripled after 1993, with half the increase accounted for by modern motorways...
Keywords: Transport network, GIS database, China, Infrastructure investments, Transport access, Socioeconomic development
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Senior Fellows/Fellows

Policy Interventions and China’s Stock Market in the Early Stages of the COVID-19 Pandemic

Steven J. DAVIS, Dingqian LIU, Xuguang Simon SHENG, Yan WANG
China’s stock market greatly outperformed other national markets during the first several months of the COVID-19 pandemic, and it did so even before it became evident that early containment efforts would flounder in the United States and many other countries. As to why, one view holds that aggress...
Keywords: stock prices, China, monetary policy, credit easing actions, stock market interventions, coronavirus, COVID-19
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Webinar Series

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Capital Market Development: China and Asia

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Jan 2025

Structured Beliefs and Fund Performance: An LLM-Based Approach

Zhenyu GAO, Wei XIONG, Jian YUAN
Leveraging the unprecedented capabilities of Large Language Models (LLMs) to assess sentiment across different topics within the same text, we extract the structured beliefs of all mutual fund managers in China based on their reports spanning 2008 to 2023, regarding the economy, government policies,...
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