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ZHOU Wenyu

A social interaction model with both in-group and out-group effects

Abstract: This paper studies social interaction models with both in-group and out-group effects. The ingroup effect follows the standard setup in the literature, while the out-group effect is introduced by assuming the economic outcome also depends on its out-group average value. We present a network game with limited information of outside groups that rationalizes the econometric model.  We ...

2024.07
ZHOU Wenyu

Green bond credit spreads and bank loans in China

Abstract: Green finance is increasingly important in both academia and industry, yet the relationship between green bonds and bank loans remains largely understudied. In this study, we conduct an empirical investigation into the impact of the credit spreads of green bonds on the structure of debt financing. Our findings suggest that companies with larger credit spreads on green bonds in the s...

2024.04
ZHOU Wenyu

Regional Poverty Alleviation Partnership and E-Commerce Trade

Abstract: Regional inequalities are prevalent in all major economies. What are the effects of inclusive growth policies targeting economically disadvantaged regions? In this study, we examine how the East-West Poverty Alleviation Partnership, which pairs rich cities in East China with economically disadvantaged cities in West China, affects e-commerce trade. Using proprietary trade-flow data ...

2024.05
ZHOU Wenyu

Stock market reactions under the shadow of the COVID-19 pandemic Evidence from China

Abstract: This paper studies how the Chinese stock market reacts to new COVID-19 infections under the zero-COVID policy. Consistent with the literature, we find that a COVID-19 outbreak within a city adversely affects the performance of local firms, but further unveils the effect’s nonlinearity. More importantly, we document an unexpected pattern of spatial spillover of the COVID-19 shock, w...

2024.03
ZHOU Wenyu, LU Jiajun

The Short-Term Impacts of the Registration-Based IPO Reform in China: Towards a More Sustainable Equity Market

Abstract: The sustainable development of a modern equity market heavily relies on an effective IPO system that can properly reflect the underlying risk, demand, and supply in the IPO market. Recently, China has implemented an unprecedented IPO reform that transforms the previous approval-based IPO system to a registration-based one. Despite its importance, the impacts of the reform still remain un...

2021.10

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