Webinar Series

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Capital Market Development: China and Asia

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Sep 2021

Data versus Collateral

Leonardo GAMBACORTA, Yiping HUANG, Zhenhua LI, Shu CHEN
The use of massive amounts of data by large technology firms (big techs) to assess firms’ creditworthiness could reduce the need for collateral in solving asymmetric information problems in credit markets. Using a unique dataset of more than 2 million Chinese firms that received credit from both a...
Keywords: asymmetric information, Banks, big data, big tech, Collateral, credit markets
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Webinar Series

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Capital Market Development: China and Asia

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Aug 2021

Special Deals from Special Investors: The Rise of State-Connected Private Owners in China

Chang-Tai HSIEH, Chong-En BAI, Zheng Michael SONG
We use administrative registration records with information on the owners of all Chinese firms to document the importance of “connected” investors, defined as state-owned firms or private owners with equity ties with state-owned firms, in the businesses of private owners. We document a hierarchy...
Keywords: joint venture, equity, investments, private owners, state-owned firms
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Webinar Series

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Capital Market Development: China and Asia

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Jul 2021

Digital Payments and Consumption: Evidence from the 2016 Demonetization in India

Pulak GHOSH, Jing LI, Tianyue RUAN, Sumit AGARWAL
We study how consumer spending responds to digital payments, using the differential switch to digital payments across consumers induced by the sudden 2016 Indian Demonetization for identification. Usage of digital payments rose by 3.38 percentage points and monthly spending increased by 3% for an ad...
Keywords: digital payments, financial technology, Consumption, India, Demonetization
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Webinar Series

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Capital Market Development: China and Asia

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Apr 2021

Going Bankrupt in China

Bo LI, Jacopo PONTICELLI
Using a new case-level dataset, we document a set of stylized facts on bankruptcy in China and study how the staggered introduction of specialized courts across Chinese cities affected insolvency resolution and the local economy. For identification, we compare bankruptcy cases handled by specialized...
Keywords: Specialized courts, Political influence, Court efficiency, Zombie firms
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Webinar Series

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Capital Market Development: China and Asia

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Mar 2021

The SOE Premium and Government Support in China's Credit Market

Jun PAN, Zhe GENG
Studying China’s credit market, we find improved price efficiency and paradoxically, worsening segmentation as, amid government-led credit tightening, perceived government support for state-owned enterprises (SOEs) causes the credit spreads of non-SOEs to explode relative to their SOE counterparts...
Keywords: SOE Premium, Government Support, Credit Risk, Price Discovery, Chinese Corporate Bond
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