Webinar Series

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Capital Market Development: China and Asia

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Jan 2024

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
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Annual Conference

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Corporate Finance

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May 2023

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
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Annual Conference

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Tech, Digital Markets and AI

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May 2025

As the latest general-purpose-technology (GPT), AI technologies have recently started to diffuse from the general sector (IT industry) to the application sectors of AI (non-IT industries) at scale. To understand the benefits of AI innovations in application sectors, we study the value of AI innovati...
Keywords: Artificial Intelligence, Innovation, Valuation
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Annual Conference

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Trade, Growth and Development

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May 2024

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
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

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May 2020

No previous infectious disease outbreak, including the Spanish Flu, has affected the stock market as forcefully as the COVID-19 pandemic. In fact, previous pandemics left only mild traces on the U.S. stock market. We use text-based methods to develop these points with respect to large daily stock ma...
Keywords: COVID-19, Pandemic, stock market
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