Annual Conference

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Accounting

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May 2022

Governance Externalities of Climate-Related Disclosures: Evidence from Facility Emissions

Young Jun CHO, Jungbae KIM, Holly YANG
We examine governance externalities of a geographic peer’s climate-related disclosures on local emissions. We expect a firm’s local plants to emit a lower amount of greenhouse gases when its geographic peer provides climate-related disclosures and attracts local attention to environmental issues...
Keywords: Disclosure, Emissions, Governance, Peer effects, Geography, Sustainability
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Annual Conference

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Real Estate and Urban Economics

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May 2024

Gone with the Flood: Natural Disasters, Selective Migration, and Media Sentiment

Yi FAN, Qiuxia GAO, Yinghao Elliot SITOH, Wayne Xinwei WAN
Exploiting variations in flood timing from the United States as a quasi-natural experiment, this study shows that floods cause population replacement in affected regions with 1.9% inflow and 2.7% outflow migration, respectively. They trigger younger, highly educated, and employed residents out of, a...
Keywords: Flood, migration, media sentiment, population replacement, residential location choice
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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 Two Labor Markets

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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Webinar Series

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Capital Market Development: China and Asia

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Apr 2021

Going Bankrupt in China

Bo LI, Jacopo PONTICELLI
Using a new case-level dataset, we document a set of stylized facts on bankruptcy in China and study how the staggered introduction of specialized courts across Chinese cities affected insolvency resolution and the local economy. For identification, we compare bankruptcy cases handled by specialized...
Keywords: Specialized courts, Political influence, Court efficiency, Zombie firms
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Annual Conference

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Corporate Finance, Capital Market Development: China and Asia

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May 2019

Going Bankrupt in China

Bo LI, Jacopo PONTICELLI
This paper investigates how legal reforms affect credit markets by studying the introduction of courts specialized in bankruptcy in China. We construct a new case-level dataset on corporate bankruptcy filings and exploit the staggered introduction of specialized courts across Chinese provinces. Spec...
Keywords: Financial Distress, Zombie firms, Judges, Court efficiency
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