## China Initiative

The explosive growth of China and its reverberations around the world are affecting all areas of business. These developments present business scholars with important new research questions and opportunities. Through school-wide workshops and broader community engagement, the China Initiative seeks to foster and disseminate research on business and China in all disciplines.

[Jennifer Carpenter](http://www.stern.nyu.edu/faculty/bio/jennifer-carpenter)
Initiative Coordinator, 2011-2024

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**Past Seminars**

Apr 2024 - Fangzhou Lu (HKU) - [Fostering Social-Media Entrepreneurs: Evidence from a Field Experiment in China](https://drive.google.com/file/d/1nLABcaHstTgJyvBe5DqNFKImyHEqVOSK/view)

Apr 2024 - Jun Pan (SAIF) - [The Pre-Announcement Drift in China: Government Meetings and Macro Announcements](https://en.saif.sjtu.edu.cn/junpan/Gov_Meeting.pdf)

Dec 2023 - Constantine Yannelis (Chicago Booth) - [Discount Factors and Monetary Policy: Evidence from Dual-listed Stocks](https://faculty.chicagobooth.edu/-/media/faculty/constantine-yannelis/research/dualshares.pdf)

Nov 2023 - Wei Xiong (Princeton) - [Price and Volume Divergence in China's Real Estate Markets: The Role of Local Governments](http://wxiong.mycpanel.princeton.edu/papers/Land.pdf)

Sep 2023 - Loren Brandt (Toronto) - [Serial Entrepreneurship in China](https://brandt.economics.utoronto.ca/?attachment_id=619)

Mar 2023 - David Yang (Harvard) - [Power and the Direction of Research: Evidence from China’s Academia](https://www.dropbox.com/s/lqgfe3cqinmwgo5/draft_20220912.pdf?dl=0)

Apr 2022 - Mike Posner - China, Business and Human Rights: What Does the Future Hold?

Feb 2022 - Tianyue Ruan (NUS) - [Hidden Non-Performing Loans in China](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Hidden_NPLs_in_China_20211109.pdf)

Dec 2021 - Constantine Yannelis (Chicago Booth) - [Measuring the Welfare Cost of Asymmetric Information in Consumer Credit Markets](https://faculty.chicagobooth.edu/-/media/faculty/constantine-yannelis/research/wellfare-effects.pdf)

Nov 2021 - Shang-Jin Wei (Columbia) - [FinTech as a Financial Liberator](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/FinTech_as_a_Financial_Liberator%20Oct-25-2021.pdf)

Sep 2021 - Jun Pan (SAIF) - [FinTech Adoption and Household Risk-Taking](http://en.saif.sjtu.edu.cn/junpan/FinTech.pdf)

Apr 2021 - Ken Rogoff (Harvard) - [Has China's Housing Production Peaked?](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Peak%20China%20Housing_2020_08_12.pdf)

Mar 2021 - Hanming Fang (U Penn) - [The Collateral Channel of Monetary Policy: Evidence from China](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/mlf_collateral-v4-b.pdf)

Feb 2021 - Xiumin Martin (WUSTL) - [On the Fast Track: Information Acquisition Costs and Information Production](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/CMMM%20-January%2031-2021.pdf)

Nov 2020 - Mike Waugh - [The Consumption Response to Trade Shocks: Evidence from the US-China Trade War](https://www.waugheconomics.com/uploads/2/2/5/6/22563786/waugh_consumption.pdf); [Trade War Tracker](https://www.tradewartracker.com/)

Sep 2020 - Jing Cai (U Maryland) - Direct and Indirect Effects of Financial Access on SMEs

Feb 2020 - Zhiguo He (Chicago Booth) - [Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets](https://cpb-us-w2.wpmucdn.com/voices.uchicago.edu/dist/6/2325/files/2019/12/haircut12.pdf)

Dec 2019 - Cecilia Fieler (Yale) - Escaping Import Competition in China

Nov 2019 - Wind Tutorial Luncheon

Sep 2019 - Christina Jenq (NYU Shanghai) - [Firm Characteristics and the Gender Wage Gap: Evidence from the China Employer Employee Survey](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/CJENQ_GWG_CEES_wp_full%20-%2020190925.pdf)

Apr 2019 - Mary Lovely (Syracuse - Techno-Industrial FDI Policy and China's Export Surge: [Slides,](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/fdi_llz_slides_NYU.pdf) [Abstract](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Techno%20industrial%20policy%20and%20china's%20export%20surge_abstract.pdf)

Mar 2019 - Yiqing Lu (NYU Shanghai) - [Access to Better Public Schools: Effects on Private Expenditure on Children](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Parental%20Investment_20190214.pdf)

Dec 2018 - Marti Subrahmanyam and Johnson Mo - Policy Interventions, Liquidity and Clientele Effects in the Chinese Corporate Credit Bond Market

Nov 2018 - Yi Huang (Grad. Inst. Geneva) - FinTech Credit and Firm Volatility: Evidence from Alibaba Loans to 2 Million Entrepreneurs in China

Sep 2018 - Will Cong (Chicago Booth) - [Credit Allocation under Economic Stimulus: Evidence from China](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/CAES.pdf)

Apr 2018 - Matt Richardson - [Are Chinese Stock Prices Really that Volatile?](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Chines_Vol_nyupres.pdf)

Feb 2018 - Toni Whited (U Michigan) - [The Misallocation of Finance](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2699817)

Dec 2017 - Robert Whitelaw - [The A-H Premium and Implications for Global Investing in Chinese Stocks](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Carpenter%20Whitelaw%20Zou%20-%20The%20A-H%20Premium%20and%20Implications%20for%20Global%20Investing%20in%20Chinese%20Stocks%20-%20NYU%20Dec%204%202017.pdf)

Nov 2017 - Yiming Qian (U Iowa) - [Implicit Guarantee and Shadow Banking: The Case of Trust Products](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Implicit_guarantee_and_shadow_banking_AGQQ_20171031.pdf)

Oct 2017 - Kinda Hachem (Chicago Booth) - [Liquidity Rules and Credit Booms](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/hachem_song_crboom.pdf)

Sep 2017 - Arthur Kroeber (Gavekal Dragonomics) - [The Financial Labyrinth: Your Guide to the Maze](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/CEQ_2017q3_FinancialLabyrinth.pdf); [China's Financial Risk: Towering Inferno or Slow Burn?](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/201709_ChinaFinancial_NYU2_ARK.pdf)

Apr 2017 - Markus Brunnermeier (Princeton) - [China's Model of Managing the Financial System](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/ChinaTradingNoise8a.pdf)

Feb 2017 - Jonathan Haidt - Evolving Moral Narratives about Capitalism in China

Oct 2016 - Wenlan Qian (NUS) - Disguised Corruption: Evidence from Consumer Credit in China

Sep 2016 - Hong Yan (SAIF) - [Does Legal Enforcement Matter for Financial Risks? The Case of Strategic Default in China](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/LegalEnforcement_StrategicDefault%200918_HY.pdf)

Sep 2016 - Dragon Tang (HKU) - [Subnational Debt of China: The Politics-Finance Nexus](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/GaoRuTang_ChinaLocalGovernmentDebt_2016May24.pdf)

Apr 2016 - Bruce McKern and George Yip (CEIBS) - [The Transformation of China’s Innovative Capacity](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/China%20Innovation%20Book%20flyer.pdf)

Mar 2016 - Nancy Qian (Yale) - [Elections in China](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Vdem_20141124.pdf)

Feb 2016 - Wei Xiong (Princeton) - [Information Distortion in Hierarchical Organizations: A Study of China's Great Famine.](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/famine_5.pdf)

Nov 2015 - Hanming Fang (U Penn) - [Demystifying the Chinese Housing Boom](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Draft_FGWZ.pdf)

Sep 2015 - Viral Acharya - [In the Shadow of Banks: Wealth Management Products and Bank Risk in China](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Acharya%20-%20Shadow%20Banking%20China%20-%20September%202015.pdf)

Apr 2015 - Alexander Ljungqvist - [State Capitalism vs. Private Enterprise](http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2544246)

Feb 2015 - Wei Jiang (Columbia) - [Reputation Concerns of Independent Directors: Evidence from Individual Director Voting](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Jiang%20Wan%20Zhao%202014%20-%20Reputation%20Concerns%20of%20Independent%20Directors--Evidence%20from%20Individual%20Director%20Voting.pdf)

Dec 2014 - Dan Rosen (Rhodium) - [Avoiding the Blind Alley: China’s Economic Overhaul and Its Global Implications;](http://rhg.com/reports/avoiding-the-blind-alley-chinas-economic-overhaul-and-its-global-implications)[ presentation slides](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Rosen%20NYU%20Stern%201Dec14.pdf)

Nov 2014 - Jennie Bai (Georgetown) - The Great Wall of Debt: Credit Risk of Chinese Local Government Bonds

Apr 2014 - Harrison Hong - [Bubbles Go Viral: Theory and Evidence from China and Emerging Markets](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Harrison%20Hong-bubble-nyu.pdf)

Mar 2014 - Viral Acharya - [Emerging Shadows of Financial Risks in India and China: A Comparative Analysis](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Chinese%20and%20Indian%20systemic%20risk.pdf)

Feb 2014 - Usha C. V. Haley (West Virginia) - [Chinese Subsidies, State Capitalism and Trade Policy](http://www.chinasubsidies.com/)

Dec 2013 - Douglas Elliott (Brookings) - [The Chinese Financial System](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/chinese%20financial%20system%20elliott%20yan.pdf); [presentation slides](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/DougElliott2013slides%20-%20The%20Chinese%20Financial%20System.pdf)

Nov 2013 - David Denoon (NYU Politics & Economics) - The Political Economy of Economic Growth in China

Oct 2013 - Michael Posner - [Business and Human Rights in China](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Posner2012FSJ.pdf)

Apr 2013 - Shang-Jin Wei (Columbia) - [Status Competition and Housing Prices in China](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Wei%20Zhang%20Liu%202012%20NBER%20WP.pdf)

Mar 2013 - Gregory Chow (Princeton) - [The Future of China's Economic, Political and Social Systems](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Gregory%20Chow%20-%20Future%20of%20China%E2%80%99s%20Economic,%20Political%20and%20Social%20Systems.pdf)

Feb 2013 - Rob Engle - [Systemic Risk in China?; ](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Engle%20-%20Systemic%20Risk%20in%20China.pdf)[Capital Shortfall: A New Approach to Ranking and Regulating Systemic Risks;](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Capital%20Shortfall.A%20New%20Approach%20to%20Ranking%20and%20Regulating%20Systemic%20Risks.pdf) [Global Systemic Risk by Country](http://vlab.stern.nyu.edu/welcome/risk/)

Dec 2012 - Ed Altman - [Toward A Bottom-Up Approach to Assessing Sovereign Default Risk: An Update](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/AltmanRijken-SovereignDefaultRisk.pdf)

Oct 2012 - Jerry Cohen (NYU Law) - Settling International Business Disputes: How Law Works in China

Apr 2012 - Franklin Allen (Wharton) - [An Alternative View on Law, Institutions, Finance and Growth](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/AQZ-Law-Inst-Fin-13June11-Final.pdf)

Mar 2012 - James Ohlson - Have Chinese Firms Been Profitable the Past Decade?

Feb 2012 - Paul Romer - China's Role in the Developing World

Dec 2011 - Harrison Hong (Princeton) - [Trading for Status](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/HongJiangZhao.pdf)

Nov 2011 - Natalia Levina - Internationalization of Chinese IT Services Industry: Capability Development Path and Current Dilemmas

Oct 2011 - Mike Spence - [The Middle Income Transition in China and Structural Change in the 12th Five Year Plan](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Synthesis%20Report%20Complete%20English.pdf)

May 2011 - Scott Galloway - [China and e-commerce: 1+1=3](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Galloway_China7.pdf)

Apr 2011 - William Baumol - [On Invention in Medieval China: Lessons for the Economy Today](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/Lowrey-Baumol_MedievalChinaInnovation_FINAL.pdf)

Mar 2011 - Durairaj Maheswaran - Global Branding Strategies

Feb 2011 - Kim Ruhl - [China from a Macroeconomist's Perspective](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/ChinaTalk-Ruhl.pdf)

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**Conferences and Panels**

[NYU Stern CGEB Panel on Global Investing in China - March 5, 2018](http://www.stern.nyu.edu/experience-stern/about/departments-centers-initiatives/centers-of-research/global-economy-business/events/past-events/globalinvestinginchina)

[NYU Stern CGEB Panel on China: Risks in the Financial System - February 16, 2017](http://www.stern.nyu.edu/experience-stern/about/departments-centers-initiatives/centers-of-research/global-economy-business/events/past-events/china-risks-financial-system)

[NYU Stern CGEB-CREFR Conference on China's Real Estate Markets - April 17, 2015](http://www.stern.nyu.edu/experience-stern/about/departments-centers-initiatives/centers-of-research/global-economy-business/events/past-events/cgeb-crefr-conference-china-s-real-estate-markets)

[NYU-SJTU Business Beyond Borders Conference in Shanghai - January 17-18, 2014](http://pages.stern.nyu.edu/~jcarpen0/Chinaluncheon/NYU-SJTU%20Conference%20in%20Shanghai.pdf)

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![Shanghai](/sites/default/files/assets/images/con_031417.jpg)

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