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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.
Excessive Issuance of New Funds in China and Implications for Investor Protection
Shuai Ye, Jinfan Zhang, Kaixuan Zheng, Jun 25, 2025The Chinese mutual fund industry is only one-tenth the size of its US counterpart, but the number of funds in China has surpassed that of the US. Our study shows that such a large number of funds is unhealthy: managers issue new funds repetitively with different custodian banks, resulting in the average manager overseeing 2.7 funds. Managers shift profits to new funds in order to attract more flows. Among funds under the same manager, new funds have higher returns than old funds, spurring concerns over investor protection.
Environmentally Inclined Politicians and Local Environmental Performance:Evidence from Publicly Listed Firms in China
Hanming Fang, Honglin Ren, Danwen Song, Nianhang Xu, May 31, 2023We investigate whether and how environmentally inclined politicians (EIPs), i.e., politicians with prior environment-related work experience, affect local environmental performance in China.
The Effect of the China Connect
Chang Ma, John Rogers, Sili Zhou, Aug 07, 2024This article discusses that The China Connect not only introduced new learning channels by improving market efficiency, but also increased domestic firms' sensitivity to global shocks and revealed the policy trade-offs between efficiency and volatility in liberalization.
The Effects of a Multifaceted Poverty-Alleviation Program on Rural Income and Household Behavior in China
Rui Li, Hong Song, Jun Zhang, Junsen Zhang, Feb 12, 2025This study examines the effects of a government-led, large-scale, multifaceted poverty-alleviation program on rural income in China. We find that the program has a positive impact on national key poor counties, with a 10.9% increase in rural income. This effect mainly arises via industrial support, agricultural development, and public service improvement. Strategies that are consistent with local comparative advantages and incentivize local officials to reduce poverty yield more significant effects. Household-level analyses suggest that the program changes household income and expenditure, and the effects are particularly substantial for the poorest households. The study provides novel insights and policy implications for China’s recent experience with poverty alleviation.
