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Annual Conference

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International Macroeconomics, Money & Banking

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May 2024

Estimating the Costs of Capital Market Policy Distortions: Evidence from Overseas Listed Chinese Firms

Qu FENG, Shang-Jin WEI, Guiying Laura WU, Mengying YUAN
Both capital controls and domestic capital market regulations impose a cost on firms. By comparing Chinese firms listed at home and abroad, that takes into account the endogenous nature of the IPO locational choices, we estimate that for those overseas listed Chinese firms, entrepreneurs' willingnes...
Keywords: Overseas IPO, capital control, self-selection
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Annual Conference

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Economic Transformation of Asia

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May 2017

A Structural Estimation of the Return to Infrastructure Investment in China

Guiying Laura WU, Zhifeng WANG, Qu FENG
This paper develops a model of endogenous productivity to examine the impact of public infrastructure investment on output. It matches firm-level production data with province-level infrastructure data to address a set of wellknown identification issues in the literature, and employs a structural es...
Keywords: Public Infrastructure Investment, Productivity, Rate of Return, Resource Reallocation
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