A Bridge on Economic Issues between China and the World
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China’s Import Demand for Agricultural Products: The Impact of the Phase One Trade Agreement
Robert Feenstra, Chang Hong, Aug 19, 2020This paper shows that the most efficient way for China to fulfill its committed import purchases from the United States under the Phase One trade agreement is to mimic the effect of an import subsidy. The effective subsidies would divert China’s agricultural imports from other countries. We find that this trade diversion is especially strong for Australia and Canada, followed by Brazil, Indonesia, Malaysia, Thailand, and Vietnam.
The Reference Effect of Government Bonds on Corporate Borrowing Costs
Mark J. Flannery, Claire Yurong Hong, Baolian Wang, May 29, 2019It has been widely argued that government bonds can be used as a reference point for pricing corporate bonds. This “reference” role can reduce the cost of corporate borrowing. The authors study this question by examining a unique experiment in China. China issued two sovereign bonds denominated in U.S. dollars (USD) in October 2017, the first...
Panda Games: Corporate Disclosure in the Eclipse of Search
Kemin Wang, Xiaoyun Yu, Bohui Zhang, Sep 26, 2018We conduct a textual analysis and exploit an exogenous event — Google’s 2010 surprising withdrawal from the Chinese mainland — which significantly hampered domestic investors’ ability to access foreign information. Following Google’s exit, Chinese firms’ announcements concerning their foreign transactions become more bullish in comparison to similar announcements prior to the exit and to those that involve only domestic transactions. This finding suggests that firms strategically alter their disclosure behaviors when the channel to transmit information is severed.
In-Consumption Social Listening with Moment-to-Moment Unstructured Data
Qiang Zhang, Wenbo Wang, Yuxin Chen, Jan 03, 2019Major video and live streaming platforms in China have recently introduced a live commenting feature that allows viewers to post comments in real time during video content consumption. Building on the rich live comment data, this research proposes a novel approach for in-consumption social listening to extract live consumption experience. The approach is demonstrated in the context of online movie watching...
Corporate Innovation and IPO Interventions
Lin William Cong, Sabrina T. Howell, May 20, 2020The Chinese government has occasionally suspended IPOs, exogenously creating uncertainty about access to public markets for firms already approved to list. We show that suspension-induced delay reduces corporate innovation activity both during the delay and for years after listing.
