This paper investigates the effect of robot adoption on employment adjustment in China. By using detailed Chinese firm-level data and addressing endogeneity, we find that using industrial robots increases employment within firms, especially when focusing on the employment of high-educated and...

China's four-trillion-yuan stimulus package fueled by bank loans in 2009 has led to the rapid growth of shadow banking activities after 2012. Local governments financed the stimulus through bank loans in 2009, and resorted to non-bank debt financing after 2012 given the rollover pressure from...

The upsurge of shadow banking is typically driven by rising financing demand from certain real sectors. In China, the four-trillion-yuan stimulus package in 2009 was behind the rapid growth of shadow banking after 2012, expediting the development of Chinese corporate bond markets in the...

This paper investigates the effect of robot adoption on employment adjustment in China. By using detailed Chinese firm-level data and addressing endogeneity, we find that using industrial robots increases employment within firms, especially when focusing on the employment of high-educated and...

Corporate cash holdings can predict stock returns, but whether it is a risk or mispricing effect is still unclear. Through constructing a cash factor ‘LMS’, this study explores the mechanisms of cash-returns relationship. We find that although LMS is pervasive and captures co-movement in...

Taking the case of high-pressure political reforms including the ongoing anti-corruption campaign in China, we investigate the impact of such reforms on the performance of Chinese state-owned enterprises (SOEs) relative to non-SOEs from the agency problem perspective. We report that before the...

This paper investigates the effect of robot adoption on employment adjustment at the firm level in China. Using an instrument that exploits the source of the firm-level variation in robot adoption, we find that using industrial robots increases employment within firms, especially when focusing...