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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Webinar Series

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Capital Market Development: China and Asia

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Oct 2021

FinTech as a Financial Liberator

Greg BUCHAK, Jiayin HU, Shang-Jin WEI
A binding interest rate cap on household savings is a common form of financial repression in developing economies and typically benefits banks. Using proprietary data from a leading Chinese FinTech company, we study Fintech's role in ending financial repression in China through the introduction of a...
Keywords: FinTech, bank deposits, money market fund, financial repression, interest rate liberalization
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Webinar Series

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Capital Market Development: China and Asia

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Oct 2021

Understanding Retail Investors: Evidence from China

Charles M. JONES, Donghui SHI, Xinran ZHANG, Xiaoyan ZHANG
Using comprehensive account-level data from 2016 to 2019, we examine retail investor trading behavior in the Chinese stock market. We separate millions of retail investors into five groups by their account sizes and document strong heterogeneity in their trading dynamics and performance. Retail inve...
Keywords: retail investors, Chinese stock market, return predictability, liquidity, information content
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