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Annual Conference

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Trade, Growth and Development, Senior Fellows/Fellows

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May 2021

“Golden Ages”: A Tale of the Labor Markets in China and the United States

Hanming FANG, Xincheng QIU
We document stark differences in the labor market outcomes between the U.S. and China, the largest two economies in the world, during the past 30 years. (1) The peak age in cross-sectional age-earnings profiles stays constant at around 45- 50 years old in the U.S. but decreases sharply from 55 to 35...
Keywords: Age-Earnings Profiles, Human capital, Life Cycle
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2015

World Asset Markets and the Global Financial Cycle

Silvia MIRANDA AGRIPPINO, Helene REY
We find that one global factor explains an important part of the variance of a large cross section of returns of risky assets around the world. Using a model with heterogeneous investors, we interpret the global factor as reflecting aggregate realised variance and the time-varying degree of market-w...
Keywords: Asset markets, financial cycle, risk aversion, credit spreads, credit flows, bank leverage, spillovers
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Annual Conference

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Investment Finance

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May 2025

Wisdom or Whims? Decoding the Language of Retail Trading with Social Media and AI

Shuaiyu CHEN, Lin PENG, Dexin ZHOU
We leverage rich social media data and large language models (LLMs) to examine the relationship between investor trading strategies, sentiment, and market outcomes. Extracting trading strategies embedded in 96 million social media posts, we find that strategy adoption is heterogeneous and dynamic, w...
Keywords: Social finance, Social media, Retail trading, Herding, Technical analysis, Fundamental analysis
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Annual Conference

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Capital Market Development: China and Asia

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May 2013

Why Investors Do Not Buy Cheaper Securities: Evidence from a Natural Experiment

Baolian WANG, Kalok CHAN, Zhishu YANG
We examine the trading behavior of Chinese domestic investors after they were given access to the B-share market in 2001. Surprisingly, we find that only 2% of investors began buying B shares. Even among these 2%, investors were less likely to buy B shares if they had more experience in the A-share ...
Keywords: A/B share prices, portfolio inertia, trading experience, trading performance
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2017

Why Do Publicly Listed Firms Evade Taxes? Evidence from China

Bin KE, Yao ZHANG, Travis CHOW, Hongqi YUAN
Taking advantage of the mandatory disclosure of detected corporate tax evasions in China, we examine why publicly listed firms evade taxes. Different from most prior studies that focus on corporate income tax avoidance, we consider tax evasions related to both income taxes and non-income taxes. We a...
Keywords: tax avoidance, Tax evasion, China, SOE
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