Employing the news-based economic policy uncertainty (EPU) Index of Baker, Bloom, and Davis (2016) and quarterly data of Chinese listed companies, we find that an increase in EPU raises the average debt-to-asset ratio of state-owned enterprises (SOEs) but lowers that of private-owned enterprises...

Using a comprehensive firm-level and a unique confidential loan-level combined dataset, we examine the credit reallocation effects of minimum wage hikes in China. We show that in response to a wage rise shock, firms, especially those that are labor-intensive, are less likely to obtain a loan....

In this paper, we establish a causal link between fluctuations in the stock market and credit risks from the P2P lending market, by exploring information of more than 450 thousand loans on Renrendai.com, a leading Chinese P2P crowd lending platform. Based on the fact that retail investors...