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on China |
| By: | Raymond Fisman (Boston University); Yongxiang Wang (University of Southern California) |
| Abstract: | We study a 2004 program designed to motivate Chinese bureaucrats to reduce accidental deaths. Each province received a set of `death ceilings' that, if exceeded, would impede government officials' promotions. For each category of accidental deaths, we observe a sharp discontinuity in reported deaths at the ceiling, suggestive of manipulation. Provinces with safety incentives for municipal officials experienced larger declines in accidental deaths, suggesting complementarities between incentives at different levels of government. While realized accidental deaths predict the following year's ceiling, we observe no evidence that provinces manipulate deaths upward to avoid ratchet effects in the setting of death ceilings. |
| Keywords: | Information disclosure; Political selection; Indian politics |
| JEL: | D72 D73 D78 |
| Date: | 2017–01 |
| URL: | http://d.repec.org/n?u=RePEc:bos:iedwpr:dp-282&r=cna |
| By: | Yu Chen (University of Graz, Austria); Shaobin Shi (Shandong University, China); Yugang Tang (Shandong University, China) |
| Abstract: | This paper fills the gap in exploring the demand side of Hukou (household registration) granting in China. We estimate the market evaluation of the urban Hukou. According to the provision of “Acquiring Hukou by Purchasing Houses” in Jinan City's Hukou policy, this paper takes houses slightly higher than the minimum required area as the treatment group, and houses slightly lower than the minimum required area as the control group to perform regression discontinuity design. The empirical results indicate that residents’ willingness to pay for urban Hukou in Jinan City was approximately between 90,000 and 126,000 Yuan (RMB) in 2017. Our finding is robust to parameter, non-parametric estimates, and different model specifications. We also perform other falsification tests by assuming false policy introduction date and placebo tests based on rents other than housing price data. Our analysis also provides insight for the reform of Chinese Hukou system and public good provision. |
| Keywords: | Acquiring Hukou by Purchasing Houses, Household Registration System, Regression Discontinuity Design |
| JEL: | P23 H75 R38 J61 |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:grz:wpaper:2018-14&r=cna |
| By: | Yan Zhang |
| Abstract: | This paper uses customs transaction data covering all Chinese exporters and the World Bank's antidumping database to investigate how they responded to Latin-American and Caribbean (LAC) antidumping measures during 2000-2012 period. The paper uses the difference-in-differences identification strategy, and finds a substantial trade-dampening effect of these measures at the product level which operates through the intensive margin (i.e., a decrease in export volume per exporter) rather than the extensive margin (i.e., a decrease in the number of exporters) on average. Although we do not find a significant extensive margin effect, we still observe a positive number of exporters exited the LAC market after antidumping measures, specifically, less productive firms and trade intermediaries are more likely to exit the market. The pattern of Chinese exporters exiting the protected market was the same in ARG, BRA, MEX and COL. The antidumping measures taken by different countries had different impacts on Chinese exporters. MEX and BRA antidumping measures not only had an intensive margin but also an extensive margin effect on Chinese exports. ARG antidumping measures only had an intensive margin effect. COL antidumping measures had no effect. The paper also finds that MEX antidumping measures caused a significant increase in the export prices of the affected Chinese products, but no significant increase in the export prices for the other three countries. The paper does not find any shift in the destinations of the affected Chinese exports. |
| Keywords: | Antidumping, Export Performance, Exporting Firm, Impact evaluation, Productivity Level, Firm performance, Bilateral trade, Manufacturing Exports, Non-tariff Barriers, Export Market, International Trade, Latin America, The Caribbean, Antidumping, China-LAC |
| JEL: | L25 F14 D22 F13 |
| Date: | 2017–03 |
| URL: | http://d.repec.org/n?u=RePEc:idb:brikps:8163&r=cna |
| By: | Lee, Charles M. C. (Stanford University); Qu, Yuanyu (Tsinghua University); Shen, Tao (Tsinghua University) |
| Abstract: | Using a comprehensive sample of reverse merger (RM) transactions, we examine the effects of China's IPO regulations on the prices and returns of its publicly listed stocks. During 2007-2015, unlisted Chinese firms paid an average of 3 to 4 Billion RMB for each listed shell, an amount exceeding 2/3 of the median market capitalization of a listed firm. This large shell premium varies over time and is sensitive to regulatory shocks. In the cross-section, a portfolio that longs (shorts) the highest (lowest) estimated shell probability (ESP) firms earns substantial abnormal returns. Adding an ESP-based factor to five common factors improves return attribution and eliminates the notoriously large Size premium. Consistent with theory, ESP also explains the sensitivity of prices to corporate earnings, and predicts the likelihood of firms to undertake major asset restructurings (MARs). We conclude China's IPO regulations impose a high cost on the functional efficiency of its financial system. |
| JEL: | G12 G18 G34 |
| Date: | 2017–09 |
| URL: | http://d.repec.org/n?u=RePEc:ecl:stabus:repec:ecl:stabus:3604&r=cna |
| By: | Lin William Cong; Sabrina T. Howell |
| Abstract: | Regulators have suspended IPOs in China on numerous occasions, exposing firms already approved to IPO to indeterminate listing delay. These disruptions curtail firms’ timely access to risk capital and increase uncertainty. After firms ultimately list, suspension-induced delay substantially reduces their innovation activity, measured using patent quantity and quality. These effects begin during the delay and endure for years after listing, while impacts on other firm outcomes are short-lived. The corporate innovation process, like an individual’s accumulation of human capital, has a cumulative dimension. Interrupting it can be detrimental in the long term, highlighting the importance of well-functioning IPO markets. |
| JEL: | G3 O3 |
| Date: | 2018–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:24657&r=cna |