A Bridge on Economic Issues between China and the World
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Anxiety or Pain? The Impact of Tariffs and Uncertainty on Chinese Firms in the Trade War
Felipe Benguria, Jaerim Choi, Deborah Swenson, Mingzhi Xu, Nov 04, 2020We analyze the firm-level impacts of the US-China trade war since it is of great economic importance to understand how the unprecedented and dramatic increases in the import and export tariffs confronting Chinese firms affected the firm-level policy environment and firm operational outcomes. To contribute to this effort, we study how increases in US tariffs and Chinese retaliatory tariffs raised Chinese firms’ trade policy...
How Liberalizing Trade with China Led to a Boom in International Students in the US
Gaurav Khanna, Kevin Shih, Ariel Weinberger, Mingzhi Xu, Miaojie Yu, Aug 16, 2023Focusing on China’s accession to the World Trade Organization, we show that Chinese cities with more exposure to trade liberalization sent more students to US universities.
In the Shadows of the Government: Relationship-building during Political Turnovers
Hanming Fang, Zhe Li, Nianhang Xu, Hongjun Yan, Mar 06, 2019We document that firms use two instruments to build relationships with local government officials in China: “perk spending” and personnel changes. Following a turnover in the positions of Party Secretary or Mayor of a city in China, firms (especially private firms) headquartered in that city significantly increase their perk spending...
Does Good Luck Make People Overconfident? Evidence from a Natural Experiment in China
Huasheng Gao, Donghui Shi, Bin Zhao, Aug 01, 2018We find that retail investors who win an allotment for an IPO subscription subsequently become more overconfident relative to retail investors who do not have an allotment. The former group subsequently trades more frequently and loses more money. Overall, our evidence indicates that the experience of good luck makes people more overconfident about their prospects.
Centralization or Decentralization? The Evolution of State-Ownership in China
Franklin Allen, Junhui Cai, Xian Gu, Jun Qian, Linda Zhao, Wu Zhu, Apr 05, 2023We developed an SOE index for all 40 million firms in China from 1990 to 2017 based on the dynamic EquiNet. This quantitative index is solely based on equity investments and thus clears up the mysteries of other self-report measures.
