Senior Fellows/Fellows

A Comprehensive GIS Database for China’s Surface Transport Network with Implications for Transport and Socioeconomics Research

Steven J. DAVIS, Meijun QIAN, Wen ZENG
We build a granular Geographic Information System (GIS) database that covers China’s national highways, modern motorways, traditional railways, high-speed railways, and waterways at an annual frequency from 1993 to 2020. After describing the database and its construction, we characterize the devel...
Keywords: Transport network, GIS database, Infrastructure investments, Socioeconomic development, China
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Senior Fellows/Fellows

Policy Interventions and China’s Stock Market in the Early Stages of the COVID-19 Pandemic

Steven J. DAVIS, Dingqian LIU, Xuguang Simon SHENG, Yan WANG
China’s stock market greatly outperformed other national markets during the first several months of the COVID-19 pandemic, and it did so even before it became evident that early containment efforts would flounder in the United States and many other countries. As to why, one view holds that aggress...
Keywords: stock prices, China, monetary policy, credit easing actions, stock market interventions, coronavirus, COVID-19
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Webinar Series

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Capital Market Development: China and Asia

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Jan 2025

Structured Beliefs and Fund Performance: An LLM-Based Approach

Zhenyu GAO, Wei XIONG, Jian YUAN
Leveraging the unprecedented capabilities of Large Language Models (LLMs) to assess sentiment across different topics within the same text, we extract the structured beliefs of all mutual fund managers in China based on their reports spanning 2008 to 2023, regarding the economy, government policies,...
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Webinar Series

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Capital Market Development: China and Asia

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Dec 2024

Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship?

Zhiguo HE, Bibo LIU, Feifei ZHU
This paper connects share pledging with entrepreneurial activities in the context of China. Survey evidence shows that 33.0% of listed firms’ largest shareholders invested pledging funds in creating new firms. By linking firm registration data with pledging data, we show a positive relation betwee...
Keywords: Share pledging, Loans, Entrepreneurship, Listed firms, Economic growth
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Webinar Series

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Capital Market Development: China and Asia

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Nov 2024

Large Language Models and Return Prediction in China

Lin TAN, Huihang WU, Xiaoyan ZHANG
We examine whether large language models (LLMs) can extract contextualized representation of Chinese public news articles to predict stock returns. Based on representativeness and influences, we consider seven LLMs: BERT, RoBERTa, FinBERT, Baichuan, ChatGLM, InternLM, and their ensemble model. We sh...
Keywords: return prediction, news articles, large language models, information efficiency, Chinese stock market
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