Cen, Xiao; Fos, Vyacheslav; Jiang, Wei - National Bureau of Economic Research - 2024
China's industrial policies ("Five-Year Plans") displace U.S. production/employment and heighten plant closures in the same industries as those targeted by the policies in China. The impact was not anticipated by the stock market, but U.S. companies in the "treated industries" suffer a valuation...