Webinar Series

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Capital Market Development: China and Asia

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Oct 2022

The Big Tech Lending Model

Wei XIONG, Lei LIU, Guangli LU
By comparing uncollateralized business loans made by a big tech lending program with conventional bank loans, we find that big tech loans tend to be smaller and have higher interest rates and that borrowers of big tech loans tend to repay far before maturity and borrow more frequently. This lending ...
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Webinar Series

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Capital Market Development: China and Asia

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Sep 2022

Internationalizing Like China

Jesse SCHREGER, Christopher CLAYTON, Amanda DOS SANTOS, Matteo MAGGIORI
We empirically characterize how China is internationalizing the Renminbi by selectively opening up its domestic bond market to foreign investors and propose a dynamic reputation model to explain this internationalization strategy. The Chinese government deliberately controlled the entry of foreign i...
Keywords: International Currency, Reserve Currency Competition, Exorbitant Privilege, Safe Assets, Reputation,
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Webinar Series

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Capital Market Development: China and Asia

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Aug 2022

The Economic Cost of Locking down like China: Evidence from City-to-City Truck Flows

Ernest LIU, Zheng Michael SONG, Jingjing CHEN, Jie LUO, Wei CHEN
Containing the COVID-19 pandemic by non-pharmacological interventions is costly. Using high-frequency, city-to-city truck flow data, this paper estimates the economic cost of lockdown in China, a stringent but effective policy. By comparing the truck flow change in the cities with and without lockdo...
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Webinar Series

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Capital Market Development: China and Asia

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Jul 2022

Road to Stock Market Participation

Sumit AGARWAL, Pulak GHOSH, Meghana AYYAGARI, Yuxi CHENG
We study the impact of a national road construction program that brought access to previously unconnected pincodes in India, on stock market participation. Using a unique dataset on the trading behavior of over 13 million individuals, we find that construction of new feeder roads to a pincode increa...
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Webinar Series

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Capital Market Development: China and Asia

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Jun 2022

On the Rise of Payment Firms

Manju PURI, Valentin BURG, Tobias BERG, Jan KEIL
Payment firms have experienced an exceptional growth over the past decade, with payment firms’ market capitalization now exceeding the combined market capitalization of all banks in the U.S. We show that stock returns of payment firms are strongly correlated with stock returns of ECommerce firms. ...
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