Webinar Series

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Innovation, Productivity and Challenges in the Digital Era: Asia and Beyond

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Nov 2021

Data-intensive Innovation and the State: Evidence from AI Firms in China

Martin BERAJA, David Y. YANG, Noam YUCHTMAN
Developing AI technology requires data. In many domains, government data far exceeds in magnitude and scope data collected by the private sector, and AI firms often gain access to such data when providing services to the state. We argue that such access can stimulate commercial AI innovation in part...
Keywords: AI, facial recognition, government data, innnovation, policies
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Webinar Series

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Capital Market Development: China and Asia

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Feb 2022

Ownership Networks and Firm Growth: What Do Forty Million Companies Tell Us About the Chinese Economy?

Junhui CAI, Xian GU, Jun QIAN , Linda ZHAO, Wu ZHU, Franklin ALLEN
The finance–growth nexus has been a central question in understanding the unprecedented success of the Chinese economy. Using unique data on all the registered firms in China, we build extensive firm-to-firm equity ownership networks. Entering a network and increasing network centrality leads to h...
Keywords: Ownership network, Equity capital, firm growth, Bank Credit
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Webinar Series

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Capital Market Development: China and Asia

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Jan 2022

Investing with the Government: A Field Experiment in China

Emanuele COLONNELLI, Ernest LIU, Bo LI
This paper studies the demand for government participation in financial markets. Focusing on the venture capital and private equity industry in China, the authors design a non-deceptive field experiment in collaboration with the leading industry organization, through which the authors conduct 1,00...
Keywords: Financial markets, Venture Capital, private equity, political inteference
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Webinar Series

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Capital Market Development: China and Asia

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Dec 2021

Zombies, Again? The COVID-19 Business Support Programs in Japan

Takeo HOSHI, Kenichi UEDA, Daiji KAWAGUCHI
We designed and conducted a firm-level survey on the use of COVID-19-related government programs, in collaboration with Tokyo Shoko Research, LTD (TSR). Combining the survey results with the financial statements of the respondent firms, we investigated the factors behind the allocation of various go...
Keywords: COVID-19, subsidies, Loans, Government, Japan
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Webinar Series

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Capital Market Development: China and Asia

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Nov 2021

Angry Borrowers: Negative Reciprocity in a Financial Market

Li LIAO, Zhengwei WANG, Jun YANG, Congyi ZHOU, Hongjun YAN
We examine the consequences of an intrusive debt-collection tactic that targets delinquent borrowers’ social circles. Our identification strategy relies on the fact that some of the delinquent loans are not worked on due to collection agents’ excessive workload. We show that this tactic backfire...
Keywords: Behavioral finance, Reciprocity, Privacy Infringement, Social Pressure
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