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Working paper
Government Credit, a Double-Edged Sword: Evidence from the China Development Bank
In: Journal of Finance 73.1, 275-316
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Government Credit and International Trade
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Working paper
Carbon Emissions Trading and Environmental Protection: International Evidence
In: Nanyang Business School Research Paper No. 22-25
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Do Credit Card Companies Screen for Behavioral Biases?
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Do Credit Card Companies Screen for Behavioural Biases?
In: BIS Working Paper No. 842
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Working paper
How Do Individual Politicians Affect Privatization? Evidence from China
In: Review of Finance 26 (3), 637-672
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Working paper
How do Individual Politicians Affect Privatization? Evidence from China
In: BOFIT Discussion Paper No. 21/2020
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Working paper
How do individual politicians affect privatization? Evidence from China
This paper investigates how politicians' patronage connections affect privatizations in China. The connections to top political leaders (i.e., Central Committee of the Communist Party of China) make local politicians engage more in rent-seeking by selling state-owned enterprises (SOEs) at substantial discounts. These connected local politicians are also more protected in anti-corruption investigations, thus extracting more rents by selling SOE assets at substantial discounts. Consequently, the privatizations conducted by the local politicians with patronage connections achieve significantly lower gains in efficiency and performance. To identify the role of patronage connection in privatization, we use the mandatory retirement age cut-offs of Central Committee members in the regression discontinuity design. We find drops in price discounts of privatization deals and jumps in efficiency for privatized SOEs when local politicians lose connections to Central Committee members around the retirement age cut-offs.
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Do Credit Card Companies Screen for Behavioral Biases?
In: NBER Working Paper No. w22360
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Working paper
Kinship Networks Enhanced by a Formal Financial Intervention: Costly State Verification and the Thai Village Fund
In: Nanyang Business School Research Paper No. 20-17
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Working paper
Early Life Experience and CEOs' Reactions to COVID-19
In: Nanyang Business School Research Paper No. 22-33
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State Versus Market: China's Infrastructure Investment
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Strategic Choices of Local Politicians in China: The Interplay of Economic, Political Activities, and Promotion Prospects
In: Nanyang Business School Research Paper No. 23-11
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The Informational Role of Ownership Networks in Bank Lending
In: Journal of Financial and Quantitative Analysis, 57.8, 2993-3017
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Working paper