We study the effect of the Thousand Young Talents Program (TYTP) on the academic quality of return migrant scientists to China. Using a unique dataset of the top Chinese mathematics departments' new hires, we find that the program leads to considerable increases in measures of their educational...

We study the implications of financial-market imperfections on labor and capital misallocation in China. Financial friction stems from private sectors' credit constraints that limit the efficient use of capital relative to state firms. Our model can jointly explain labor flows out of and capital...

We apply a semi-parametric latent variable model to estimate selection and sorting effects on the evolution of private returns to schooling for college graduates during China's reform between 1988 and 2002. We find that there were substantial sorting gains under the traditional system, but they...

This paper develops an original measure of learning in higher education, based on grades in subsequent courses. Using this measure of learning, this paper shows that student evaluations are positively related to current grades but unrelated to learning once current grades are controlled. It...

We propose a new methodology to estimate empirically the input price-induced technical change and total factor productivity (TFP) growth in China. Our primary goal is to test Hicks' induced innovation hypothesis by examining whether technical change in China has been induced by sharp increase in...

In this paper, we empirically identify some of the causes of cross-sectional differences in underpricing of Chinese initial public offerings (IPOs) using data compiled for 308 firm-commitment A-share IPOs (available only to Chinese investors) and 57 B-share IPOs (available only to foreign...

We estimate a modified mixture of distribution model (Andersen, 1996) to explore the underlying causes of the volatility differences between domestic A shares and foreign B shares listed in Chinese stock markets. Using return and trading volume data for 24 firms as well as value-weighted...

We investigate the cross-section variations in underpricing of Chinese initial public offerings (IPOs), using data of 308 firm-commitment offerings. After correcting for the endogeneity problems inherent in a number of regressions, we find evidence that underpricing can be explained in terms of...