A Bridge on Economic Issues between China and the World
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What Gets Measured Gets Managed: Investment and the Cost of Capital
Zhiguo He, Guanmin Liao, Baolian Wang, Aug 09, 2023To improve capital allocative efficiency, starting in 2010, Chinese regulators switched from using return on equity to economic value added (EVA).
Good Finance, Bad Finance, and Resource Misallocation: Evidence from China
Jiapin Deng, Qiao Liu, Apr 03, 2024The development of finance driven by Chinese local governments exacerbates the problem of resource misallocation, whereas market-driven finance significantly improves allocative efficiency. This highlights the policy implication that modern finance in China should prioritize the efficient utilization of resources rather than mere expansion in scale.
Social Media Engagement Increases Government Action, Decreases Pollution
Mark Buntaine, Michael Greenstone, Guojun He, Mengdi Liu, Shaoda Wang, Bing Zhang, Dec 14, 2022In China, citizen participation in environmental governance via social media could significantly improve regulatory effort, leading to substantial environmental benefits.
The Pre-Announcement Drift in China: Government Meetings and Macro Announcements
Jun Pan, Qing Peng, Mar 20, 2024Confirming Chinese equity market is policy-driven, this study reveals a significant pre-Govt return before top government meetings, akin to the US pre-FOMC drift. It highlights the market's anticipation of these events and their impact on asset pricing, underscoring the centralized financial system in China.
Visible Hands: Professional Asset Managers’Expectations and the Stock Market in China
John Ammer, John Rogers, Gang Wang, Yang Yu, Aug 02, 2023Mutual funds have become an important type of private institutional investor in Chinese security markets, with assets under management exceeding $3 trillion.
