This paper studies how economic policy uncertainty influences corporate investment for Chinese listed companies. We show that when the degree of economic policy uncertainty is higher, firms stand to lower their investment and vice versa. However, firms that have higher return on invested...

This study develops a new economic uncertainty (EU) index based on Chinese newspapers by addressing the media coverage bias of existing measures. The developed index refines the existing methods on measuring uncertainty by taking special characteristics of China into consideration, which turns...

We study how professional fund managers' growth expectations affect the actions they take with respect to equity investment and in turn the effects on prices. Using novel data on China's mutual fund managers' growth expectations, we show that pessimistic managers decrease equity allocations and...

Apart from the loss of time and money, disputes between public authority and private partner in China’s public-private partnership (PPP) projects are destroying the government’s image of PPP support and the private partner’s investment confidence. This article aims to explore the main...

This paper studies how economic policy uncertainty affects corporate capital structure for Chinese listed firms from 2003 to 2013. We show that when the degree of economic policy uncertainty increases, firms tend to lower their leverage ratios. However, firms that are from regions with lower...

We apply machine learning techniques to construct a series of models of corporate bond defaults. By combining Chinese accounting information and corporate bond data from January 2012 to December 2019, we construct an out-of-sample forecast that significantly improves the identification rate of...

This paper compares the predictive power of credit scoring models based on machine learning techniques with that of traditional loss and default models. Using proprietary transaction-level data from a leading fintech company in China for the period between May and September 2017, we test the...

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...