Annual Conference

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Accounting

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May 2019

China presents a unique opportunity to study public enforcement of mandatory disclosure when private enforcement is largely absent. Using a hand-collected sample of comment letters (CLs) on annual reports issued by the Shanghai Stock Exchange, we first show that the price reaction to CL announcement...
Keywords: public enforcement, private enforcement, institutional environment, comment letters, disclosure, ear
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Annual Conference

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Economic Transformation of Asia

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May 2019

This paper studies entrepreneurship and the creation of new firms in China through the lens of serial entrepreneurs, i.e. entrepreneurs who establish more than one firm, and their differences with non-serial entrepreneurs. Drawing on data on the universe of all firms in China, we document key facts ...
Keywords: Serial Entrepreneurship, Entrepreneurship, Capital Distortions
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Annual Conference

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Economic Transformation of Asia

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May 2019

This paper studies how parental investment in children responds to changes in public education provision. Based on transactions of China UnionPay debit and credit cards, we identify two types of child-related expenditure: extra-curriculum training and other child support. We exploit a quasi-experime...
Keywords: parental investment, child-related expenditure, public education, district merger
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Annual Conference

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Economic Transformation of Asia

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May 2019

We document three stylized facts on marriage and fertility patterns in East Asian societies: (i) their marriage rates are among the highest in the world, but their total fertility is the lowest; (ii) although they have the lowest total fertility, almost all married women have at least one child; and...
Keywords: Confucianism, Social norms, Fertility, Demographic transition, East Asia societies
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Annual Conference

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Economic Transformation of Asia

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May 2019

We document that the nature of business cycles evolves over the process of development and structural change. In countries with large declining agricultural sectors, aggregate employment is uncorrelated with GDP. During booms, employment in agriculture declines while labor productivity increases in ...
Keywords: Business cycle, structural change, neoclassical
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