Working Paper

05 January 2021

The Value of "New" and "Old" Intermediation in Online Debt Crowdfunding

We study the welfare effects of the transition of online debt crowdfunding from the older “peer-to-peer” model to the “marketplace” model, where the crowdfunding platform sells diversified loan portfolios to investors. We...

Fabio Braggion | Alberto Manconi | Nicola Pavanini | Haikun Zhu
01 January 2013

The Brain Gain of Corporate Boards: Evidence from China

We study the impact of directors with foreign experience on firm performance in emerging markets. We use a unique dataset from China and exploit that at different times, Chinese provinces introduced policies to attract highly talented...

Mariassunta Giannetti | Guanmin Liao | Xiaoyun Yu
30 November 2019

Growing Up Under Mao and Deng: On the Ideological Determinants of Corporate Policies

Historically, economic activities have been organized around certain ideologies. We investigate the impact of politicians’ ideology on corporate policies by exploring a unique setting of ideological change—China from Mao to...

Hao Liang | Rong Wang | Haikun Zhu
19 February 2020

Party Building or Noisy Signaling? The Contours of Political Conformity in Chinese Corporate Governance

We examine responses by Chinese firms to a “party-building” policy launched by the Chinese Communist Party (CCP) in 2015 to reform China’s state-owned enterprises (SOEs). The policy requires SOEs to follow a model template of...

Lauren Yu-Hsin Lin | Curtis J. Milhaupt
19 July 2021

Institutional Investors in China: Corporate Governance and Policy Channeling in the Market Within the State

The extraordinary rise of China’s economy has made understanding Chinese corporate governance an issue of global importance. A rich literature has developed analyzing the Chinese Communist Party’s (CCP’s) role as China’s...

Dan Puchniak | Lin Lin
02 November 2017

The Externalities of Corruption: Evidence from Entrepreneurial Firms in China

Exploiting China’s anti-corruption campaign, we show that following a decrease in corruption, firm performance improves. Small and young firms benefit more. We identify the channels through which corruption hampers firm...

Mariassunta Giannetti | Guanmin Liao | Jiaxing You | Xiaoyun Yu