Chinese regulators mandate management earnings forecasts when managers' earnings expectations meet bright-line thresholds and allow voluntary forecasts in other circumstances. We examine the effects of this mixed approach. We find that Chinese mandatory forecasts have significant information...

This paper documents a hallmark feature of China's state capitalism as the state controlling the economy in a vertical economic structure: State-owned enterprises (SOEs) monopolize key industries and markets in the upstream, whereas the downstream industries are largely open to private...

We analyze how the product market competition shock due to China’s WTO entry affects local US banks heterogeneously. Using a difference-in-differences empirical strategy, we document that in regions with greater exposure to the shock, loan quality deteriorates and bank profitability declines...

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