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Beraja, Martin; Peng, Wenwei; Yang, David Y.; Yuchtman, Noam - National Bureau of Economic Research - 2024

Venture capital plays an important role in funding and shaping innovation outcomes, characterized by investors' deep knowledge of the technology, industry, and institutions, as well as their long-running relationships with the entrepreneurship and innovation community. China, in its pursuit of...

Persistent link: https://www.econbiz.de/10014635664

Corporate Actions and the Manipulation of Retail Investors in China : An Analysis of Stock Splits

Titman, Sheridan; Wei, Chishen; Bin Zhao - National Bureau of Economic Research - 2021

We identify a group of "suspicious" firms that use stock splits--perhaps, along with other activities--to artificially inflate their share prices. Following the initiation of suspicious splits, share prices temporarily increase, and subsequently decline below their pre-split levels. Using...

Persistent link: https://www.econbiz.de/10012629432

Momentum, Reversals, and Investor Clientele

Chui, Andy C. W.; Subrahmanyam, Avanidhar; Titman, Sheridan - National Bureau of Economic Research - 2021

Different share classes on the same firms provide a natural experiment to explore how investor clienteles affect momentum and short-term reversals. Domestic retail investors have a greater presence in Chinese A shares, and foreign institutions are relatively more prevalent in B shares. These...

Persistent link: https://www.econbiz.de/10012696362

The Stock Connect to China

He, Zhiguo; Wang, Yuehan; Zhu, Xiaoquan - National Bureau of Economic Research - 2023

As a bridge between Chinese mainland and international financial markets, the Stock Connect program allows investors on both sides to gain mutual access. By analyzing how cross-border flows respond to macro-related shocks, we show that compared with possibly homemade foreign investors, genuine...

Persistent link: https://www.econbiz.de/10013537785

Do Sell-Side Analysts Say "Buy" While Whispering "Sell"?

Hirshleifer, David; Shi, Yushui; Wu, Weili - National Bureau of Economic Research - 2022

We examine how sell-side equity analysts strategically disclose information of differing quality to the public versus the buy-side mutual fund managers to whom they are connected. We consider cases in which analysts recommend that the public buys a stock, but some fund managers sell it. We...

Persistent link: https://www.econbiz.de/10013210060

Learning by Investing : Entrepreneurial Spillovers from Venture Capital

Lerner, Joshua; Li, Jinlin; Liu, Tong - National Bureau of Economic Research - 2023

This paper studies how investing in venture capital (VC) affects the entrepreneurial outcomes of individual limited partners (LPs). Using comprehensive administrative data on entrepreneurial activities and VC fundraising and investments in China, we first document that individual LPs, on...

Persistent link: https://www.econbiz.de/10014437028

China in Tax Havens

Clayton, Christopher; Coppola, Antonio; Santos, Amanda dos - National Bureau of Economic Research - 2023

We document the rise of China in offshore capital markets. Chinese firms use global tax havens to access foreign capital both in equity and bond markets. In the last twenty years, China's presence went from raising a negligible amount of capital in these markets to accounting for more than half...

Persistent link: https://www.econbiz.de/10013537759

China's Financial System and Economy : A Review

He, Zhiguo; Wei, Wei - National Bureau of Economic Research - 2022

China's financial system has been integral to its spectacular economic growth over the past 40 years. We review the recent literature on China's financial system and its connections to the Chinese economy based on the categories of Aggregate Financing to the Real Economy (AFRE), a broad measure...

Persistent link: https://www.econbiz.de/10013361979

Trade and Growth : Import-Led or Export-Led? Evidence From Japan and Korea

Lawrence, Robert Z. - 1999

competitive firms. The results in our paper suggest that when it comes to TFP growth, this view of Japan is seriously erroneous …. We find that lower tariffs and higher import volumes would have been particularly beneficial for Japan during the period … productivity growth. Our findings on Japan suggest that the salutary impact of imports stems more from their contribution to …

Persistent link: https://www.econbiz.de/10012471526

Tax Policy and Consumer Spending : Evidence from Japanese Fiscal Experiments

Watanabe, Katsunori - 1999

This paper studies the extent to which the impact of tax policy on consumer spending differs between temporary and permanent, as well as anticipated and unanticipated tax changes. To discriminate between them, we use institutional information such as legal distinction between temporary and...

Persistent link: https://www.econbiz.de/10012471538