This paper analyzes the interrelation between foreign direct investment and economic growth in terms of intersectoral externalities using panel data of 30 provinces in China from 1993 to 2007. A two-sector model, including both foreign-funded sector and domestic-funded sector, is derived to...

This paper analyzes the interrelation between foreign direct investment and economic growth in terms of intersectoral externalities using panel data of 30 provinces in China from 1993 to 2007. A two-sector model, including both foreign-funded sector and domestic-funded sector, is derived to...

During times when the Chinese government wished to prop up the market, sell-side analysts from brokerages with significant government ownership issued relatively less pessimistic (or more optimistic) earnings forecasts, earnings-forecast revisions, and stock recommendations; they were also...

This paper explores the productivity differential between return migrants (“Sea Turtles”) and non-migrants through a case study of China’s venture capital (VC) industry. I find that even after correcting for selection bias, return venture capitalists are less productive than comparable...

We examine how investor-level tax incentives affect financing for start-ups using the introduction of a generous tax deduction for qualified angel and VC investment in China as a quasi-natural experiment. We find that the tax incentive increases funding for eligible start-ups, with stronger...

We study the demand for government participation in China's venture capital and private equity market. We conduct a large-scale, non-deceptive field experiment in collaboration with the leading industry service provider, through which we survey both sides of the market: the capital investors and...

This paper explores the productivity differential between return migrants ('Sea Turtles') and non-migrants through a case study of China's venture capital (VC) industry. I find that even after correcting for selection bias, return venture capitalists are less productive than comparable...

This paper analyzes the role of foreign VCs in driving venture success in emerging markets. We analyze a comprehensive data-set of 4753 portfolio companies from China. We test whether the presence of a foreign VC increases the likelihood that a portfolio company is successfully exited. We find...

We use a comprehensive database of venture-capital-backed companies from China to test whether and how foreign venture capitalists (VCs) can facilitate international initial public offerings (IPOs) of entrepreneurial companies. Foreign VCs increase the likelihood that a portfolio company lists...

This study investigates the determinants of venture capital (VC) performance in China. We focus on the impact of VC reputation, political connections, and managing partner/founder's experience on the performance of domestic and foreign VC investments. After controlling for VC age, portfolio firm...