Annual Conference

|

Investment Finance

|

May 2024

The Value of Data to Fixed Income Investors

Jennie BAI, Jian LI, Asaf MANELA
Using a structural model, we estimate the value of data to fixed income investors and study its main drivers. In the model, data is more valuable for bonds that are volatile and for which price-insensitive liquidity trades are more likely. Empirically, we find that the value of data on corporate bon...
Keywords: value of data, information, fixed income, corporate bond, mutual fund
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Real Estate and Urban Economics

|

May 2023

The Value of Cleaner Waterways: Evidence from the Black-and-Smelly Water Program in China

Yue YU, Qianyang ZHANG
This paper investigates the economic impacts of cleaning up heavily polluted waterways in urban neighborhoods. We exploit the Black-and-Smelly Water Program in China as a natural experiment to identify the causal impact of cleaner waterways on local housing prices, housing supply, and business growt...
Keywords: Water Pollution, Environmental Regulation, Real Estate Market, China
  • View
  • Download
  • Bookmark
  •    |   

Webinar Series

|

Capital Market Development: China and Asia

|

Jan 2024

The Value of Bankruptcy Enforcement in Financial Distress: Evidence from the Chinese Bond Market

Bo LI, Mai LI, Songnan LI, Laura Xiaolei LIU
The bankruptcy process in many countries is lengthy and cumbersome, which prevents creditors from getting repaid efficiently in distress. Exploiting the staggered introduction of specialized bankruptcy courts in China, we find that they lead to sizable reductions in the cost of debt financing. In pa...
Keywords: Bankruptcy Resolution, Creditor Protection, Cost of Debt, China’s Bond Market
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Corporate Finance

|

May 2023

The Value of Bankruptcy Court in Financial Distress: Evidence from Chinese Bond Market

Bo LI, Mai LI, Songnan LI, Laura Xiaolei LIU
This paper investigates the consequences of bankruptcy reform on creditor protection and credit market development in China amidst rising credit market defaults. We find that the introduction of specialized bankruptcy courts, characterized by better-trained judges and reduced government interference...
Keywords: Bankruptcy Resolution, Creditor Protection, Cost of Debt, China’s Bond Market
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Trade, Growth and Development

|

May 2024

The US-China Trade War and the Relocation of Global Value Chains to Mexico

Hale UTAR, Alfonso Cebreros ZURITA, Luis Bernardo Torres RUIZ
Did the 2018/19 US-China trade war trigger adjustment of Global Value Chains (GVCs) and nearshoring to Mexico? We address this question with confidential longitudinal firm-level trade data from Mexico that covers the universe of international trade transactions over 2015-2021. By merging the firm-le...
Keywords: Trade War, GVCs, Nearshoring, Mexico, US, China
  • View
  • Download
  • Bookmark
  •    |