Purpose: Shadow banking has been evolving rapidly in China, with banks actively using wealth management products (WMPs) to evade regulatory restrictions. These products are the largest constituent of China's shadow banking sector. A large number of these products are off-balance-sheet and...

Purpose: Wealth Management Products (WMPs) are the largest and most crucial component of China's Shadow banking, which are off the balance sheet and considered as a substitute for deposits. Commercial banks in China are involved in the issuance of WMPs mainly to; evade...

This paper explores the optimal design of biased contests. A designer imposes an identity‐dependent treatment on contestants that varies the balance of the playing field. A generalized lottery contest typically yields no closed‐form equilibrium solutions, which nullifies the usual implicit...