Annual Conference

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Corporate Finance

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May 2023

Market-Based Innovation Policy: Evidence from High-Tech Incubators in China

Yue PAN, Tao SHU, Vincent YAO, Pengdong ZHANG
Using proprietary data of all high-tech incubators in China, we study a new approach by government to implement industrial policy through market intermediaries instead of directly allocating resources. Exploiting a highly localized industrial policy that targets different “strategic emerging indus...
Keywords: Entrepreneurship, Incubators, High-tech startups, Industrial policy, Innovation
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Annual Conference

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Accounting

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May 2017

Market Perceptions of the Informational and Comparability Effects of Fair Value Reporting for Tangible Assets: US and Cross-Country Evidence

Edward J. RIEDL, Jenelle K. CONAWAY, Lihong LIANG
This paper examines equity market perceptions of fair value reporting for tangible assets. We identify six events—four designated as increasing, two as decreasing—affecting the likelihood of US adoption of fair value reporting for investment property (i.e., real estate) assets, one of the larges...
Keywords: fair value, event study, tangible assets, convergence
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Annual Conference

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Capital Market Development: China and Asia

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May 2013

Market Making Contracts, Firm Value, and the IPO Decision

Hendrik BESSEMBINDER, Jia HAO, Kuncheng (K.C.) ZHENG
We examine the effects of secondary market liquidity on firm value and the decision to conduct an Initial Public Offering (IPO). Competitive liquidity provision can lead to market failure as the IPO either does not occur or the IPO price is discounted to reflect that some welfare-enhancing secondary...
Keywords: designated market maker, affirmative obligation, Information asymmetry, Firm Value
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2013

Manufacturing-Finance Comparative Advantage and Global Imbalances

Rui MAO, Yang YAO
Treating finance as a tradable service, this paper examines how global current account imbalances can emerge as a result of the Ricardian comparative advantage in manufacturing and finance. The financial sector screens borrowers to limit its risk exposure when it provides finance to manufacturing fi...
Keywords: Manufacturing-finance comparative advantage, global imbalances, international division of labor
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Annual Conference

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Economic Transformation of Asia

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May 2015

Mandatory Retirement and the Consumption Puzzle: Prices Decline or Quantities Decline?

Dennis T YANG, Dong YINGYING
This paper investigates household consumption changes at retirement by utilizing a comprehensive, diary-based household survey from China. The survey contains both consumption quantity and price information, which permits separating quantity changes from price changes. The mandatory retirement polic...
Keywords: Retirement, consumption puzzle, Mandatory retirement, regression discontinuity, Consumption vs. expenditure, Time use, Home production
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