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Working paper
SSRN
Working paper
Workers, Unions, and Takeovers
In: Journal of labor research, Volume 33, Issue 4, p. 443-460
ISSN: 1936-4768
The Failure of Chinese Peer-to-Peer Lending Platforms: Finance and Politics
In: BOFIT Discussion Paper No. 27/2020
SSRN
Working paper
VC Participation and Failure of Startups: Evidence from P2p Lending Platforms in China
In: Finance Research Letters, Forthcoming
SSRN
Working paper
The failure of Chinese peer-to-peer lending platforms: Finance and politics
We investigate the influence of financial and political factors on peer-to-peer (P2P) platform failures in China's online lending market. Using a competing risk model for platform survival, we show that large platforms, platforms with listed firms as large shareholders, and platforms with better information disclosure were less likely to go bankrupt or run off (platform owners abscond with investor funds). More importantly, failing platforms were much less likely to run off in advance of major political events, but more likely to declare bankruptcy or run off after such events. These effects are more pronounced for politically connected platforms, platforms operating in provinces where local officials have close ties with central government, and in provinces with better local financial conditions. Our study highlights the role of political incentives on government regulatory intervention in platform failures.
BASE
Do Market-Wide Circuit Breakers Calm the Markets or Panic Them?
SSRN
Working paper
Imitating to export
In: China economic review, Volume 53, p. 254-270
ISSN: 1043-951X
Do Market-Wide Circuit Breakers Calm the Markets or Panic Them?
In: JFM-D-22-00091
SSRN
SSRN
Do Market-Wide Circuit Breakers Calm the Markets or Panic Them?
In: JBF-D-23-00442
SSRN
Offshoring Pollution While Offshoring Production
In: US Census Bureau Center for Economic Studies Paper No. CES-WP-16-09R
SSRN
Working paper
Offshoring Pollution while Offshoring Production?
In: Strategic Management Journal, 2017
SSRN
SSRN
Working paper
Does geopolitical risk matter for corporate investment decisions? Evidence from cross‐border acquisitions
In: Economics & politics, Volume 35, Issue 3, p. 665-695
ISSN: 1468-0343
AbstractHeightened geopolitical risk has become the new normal. We study the effects of geopolitical risks on cross‐border acquisition activity. Using military alliance to proxy for the degree of geopolitical risks, we find that the formation of military alliance between two countries is associated with greater cross‐border acquisition flows. Using the recent North Atlantic Treaty Organization enlargements as identification strategy, we find stronger effects of military alliance, especially with defense pacts. One important channel is that military alliance can substitute for target countries' institutional quality and minimize extreme geopolitical threats faced by acquirers. We find that countries with poor governance and weaker legal enforcement benefit more from military alliance, especially by receiving inbound acquisitions from major military powers. These findings highlight the role of military alliance in the global market for corporate control by reducing geopolitical risks.