Annual Conference

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Trade, Growth and Development

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May 2021

Capital-Reallocation Frictions and Trade Shocks

Eugene TAN, Pamela MEDINA, Andrea LANTERI
What are the short- and medium-term effects of an import-competition shock on firm dynamics and aggregate productivity? We address this question by combining detailed data on investment dynamics of Peruvian manufacturing firms, data on trade flows from China, and a quantitative general-equilibrium m...
Keywords: capital reallocation, Firm Dynamics, Investment Irreversibility, Trade Shocks
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Annual Conference

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Trade, Growth and Development

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May 2021

Trade Wars and Industrial Policy along the Global Value Chains

Xiaodong ZHU, Zi WANG, Hong MA, Jiandong JU
We provide a quantitative evaluation of the welfare impacts of the US-China trade conflict starting in 2018. We first document that the first wave of tariffs on China imposed by the Trump administration targeted China’s Industrial Policy rather than Chinese imports. They are concentrated on high t...
Keywords: Trade Policy, Industrial Policy, Economies of Scale, Substitutability in Input-Output Networks.
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Annual Conference

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Trade, Growth and Development

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May 2021

Geographic Fragmentation in a Knowledge Economy: Theory and Evidence from the United States

Lin TIAN, Yang JIAO
We study how the rise in cross-city joint productions (or “geographic fragmentation”)—facilitated by advancements in communication technologies—shapes the spatial skill distribution in the United States. Motivated by observations that large cities became disproportionately skill intensive an...
Keywords: Joint productions, communicaton technologies, skill, wages
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Annual Conference

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Investment Finance, Senior Fellows/Fellows

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May 2021

FinTech Platforms and Mutual Fund Distribution

Claire Yurong HONG, Xiaomeng LU, Jun PAN
This paper studies the economic impact of the emergence of FinTech platforms on financial intermediation. In China, platform distributions of mutual funds emerged in 2012 and grew quickly into a formidable presence. Utilizing the staggered fund entrance onto platforms, we find markedly increased flo...
Keywords: Mutual Funds, Platforms, FinTech, Flow-Performance Sensitivity
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Annual Conference

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Investment Finance

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May 2021

Is Carbon Risk Priced in the Cross-Section of Corporate Bond Returns?

Frank Weikai LI, Tinghua DUAN, Quan WEN
This paper examines the pricing of a firm's carbon risk in the corporate bond market. Contrary to the "carbon risk premium" hypothesis, bonds of more carbon-intensive firms earn significantly lower returns. This effect cannot be explained by a comprehensive list of bond characteristics and exposure ...
Keywords: Climate Change, Carbon emissions, Corporate bond returns, ESG investing
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