ABFER 13th ANNUAL CONFERENCE
The call for papers is now open for the ABFER 13th Annual Conference. The conference will be held on 18-21 May 2026 in Singapore
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12th ASIAN MONETARY POLICY FORUM
The 12th AMPF commenced on 22 May 2025 with a joint dinner with ABFER, followed by the forum on 23 May 2025 at Conrad Singapore Orchard
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CALL FOR POSTERS 2025
The Call for Posters is now closed. Selected papers will be informed by end of February. The poster sessions will be held on 20 and 21 May 2025 at the ABFER 12th Annual Conference.
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CAPITAL MARKET DEVELOPMENT: CHINA AND ASIA
Webinar series on every third Thursday of the month
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INDUSTRY OUTREACH PANEL
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  •  
  •  
  •  
  •  
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  • ABFER 13th ANNUAL CONFERENCE
  • 12th ASIAN MONETARY POLICY FORUM
  • CALL FOR POSTERS 2025
  • CAPITAL MARKET DEVELOPMENT: CHINA AND ASIA
  • INDUSTRY OUTREACH PANEL

SOME IMPORTANT FACTS ABOUT US

4265 SUBMITTED Papers submitted to
Annual Conference
11415 AUTHORS Representing number
of authors
684 PRESENTED Papers presented at
Annual Conferences
218 JOURNALS Papers published in
significant journals
5200 PARTICIPANTS Participants at
Annual Conferences

Webinar Series

 

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What Gets Measured Gets Managed: Investment and the Cost of Capital

The authors study the impact of government-led incentive systems by examining a staggered reform in the Chinese state-owned enterprise (SOE) performance evaluation policy. To improve capital allocative efficiency, in 2010, regulators switched from using return on equity (ROE) to economic value added (EVA) when evaluating SOE performance. This EVA policy adopts a one-size-fits-all approach by stipulating a fixed cost of capital for virtually all SOEs, ignoring the potential heterogeneity of firm-specific costs of capital. The authors show that SOEs did respond to the performance evaluation reform by altering their investment decisions, more so when the actual borrowing rate was further away from the stipulated cost of capital. The authors paper provides causal evidence that incentive schemes affect real investment and sheds new light on challenges faced by economic reforms in China.

17
Mar
2022
Thursday

Session Chair: Michael SONG
Professor, Department of Economics, Chinese University of Hong Kong and Senior Fellow, ABFER



Updated 24 Mar 2022

Speakers

Session Format

Each session lasts for 1 hour 10 minutes (25 minutes for the author, 25 minutes for the discussant and 20 minutes for participants' Q&A). Sessions will be recorded and posted on ABFER's web, except in cases where speakers or discussants request us not to.

Registration

Registration has closed. Please visit the main page for details on the next webinar.