I'll stop updating this webpage, please go to https://sites.google.com/view/yongxiangwang
Research Interests:
Empirical Corporate Finance, Political Economy/Development, Behavioral Economics, Chinese Economy
Research Settings:
I have studied a range of prominent social, economic and political phenomena in China, including (1)privatization, (2) business groups, (3) workplace safety, (4) the “death ceiling” program, (5) Sino-Japanese conflict, (6) fellow election at the China Academy of Science, (7) rural land rental markets, (8) Politburo election, (9) air pollution and demand for health insurance, (10) loan officers' on-the-job trading, (11) the “Sent-down Youth” program during the Cultural Revolution, (12) superstition (Zodiac Year) and its real impact, (13) government expenditure auditing, and (14) target setting and its impact in Chinese banking industry.
Publications:
23. Land Misallocation, Property Rights and Agricultural Efficiency in China (with A.V. Chari, Elaine Liu and Shing-Yi Wang), May, 2020, Forthcoming at Review of Economic Studies
22. Hometown ties and the quality of government monitoring: Evidence from rotation of Chinese auditors (with J. Chu, R. Fisman and S. Tan), April 2020, Conditionally accepted at American Economic Journal: Applied Economics
21. Social Ties and the Selection of China's Political Elite (with R. Fisman, J. Shi and W. Wu), June, 2020, American Economic Review
20. Parasites and Paragons: Ownership Reform and Concentrated Interest among Minority Shareholders (With N. Jia, J. Shi, and CY. Wang), Volume57, Issue1, 2020, Pages 129-162, Journal of Management Studies
19. Air Pollution, Affect, and Forecasting Bias: Evidence from Chinese Financial Analysts (with R. Dong, R. Fisman and N. Xu), 2019, Journal of Financial Economics
18. Something in the Air: Pollution and the Demand for Health Insurance (with T. Chang and W. Huang), 2018, Review of Economic Studies.
17. Value Creation and Value Capture in Governing Shareholder Relationships (with N. Jia and J. Shi), 2018, Strategic Management Journal.
16. The Interdependence of Public and Private Stakeholder Influence (with N. Jia and J. Shi), 2018, Advances in Strategic Management
15. Access to Migration for Rural Households (with C. Kinnan and S.Wang),2018, American Economic Journal: Applied Economics
14. The Effect of Mandatory CSR Disclosure on Firm Profitability and Social Externalities: Evidence from China (with Y. Chen and M. Hung), 2018, Journal of Accounting and Economics
13. Social Ties and Favoritism in Chinese Science (with R. Fisman,J. Shi and R. Xu), 2018, Journal of Political Economy
---See "It's whom you know that counts" for a review at Science
12. The distortionary effects of incentives in government: Evidence from China's death ceiling program, (with R. Fisman), 2017, American Economic Journal: Applied Economics
---New York Times (Previously circulated as "The Economics of Death Ceilings" )
--- The Economist (China’s roads and workplaces seem to be getting less lethal)
--- AEA Chart of The Week (Are Chinese workplaces really getting safer?)
11. The Dynamics of Political Embeddedness in China, (with H. Haveman, N. Jia and J. Shi), 2017, Administrative Science Quarterly
---see Adam Smith Meets Machiavelli for a summary
10. The mortality cost of political connections (with R. Fisman), 2015, Review of Economic Studies
---See Harvard Business Review for a summary, "The Unsafe Side of Chinese Crony Capitalism"
---Businessweek (In China, Politically Connected Firms Have Higher Worker Death Rates)
---WSJ (Deadly Explosions Highlight China Workplace Dangers)
---NBER Digest (Chinese firms with a former top government official in the C-suite had higher worker death rates, few if any safety inspections, and lower rates of environmental fines.)
9. Corruption in Chinese privatizations, (with R. Fisman), 2015, Journal of Law, Economics and Organization (Lead Article)
---See China Business News Daily for a summary
8. Nationalism and Economic Exchange: Evidence from Shocks to Sino-Japanese Relations, (with R. Fisman and Y. Hamao), 2014, Review of Financial Studies
---See Caixin for a summary
7. Coinsurance within Business Groups: Evidence from Related Party Transactions in an Emerging Market, 2013 (with N. Jia and J. Shi), , Management Science (Business Strategy)
6. Estimating the value of connections to Vice-President Cheney, (with D. Fisman, R. Fisman, J. Galef and R. Khurana), 2012, B.E. Journal of Economic Analysis & Policy: Advances
5. Going (more) public: Institutional Isomorphism and Ownership Reform among Chinese Firms, (with H. Haveman), 2012, Management and Organization Review
4. When Managers Can't Commit: Capital Structure under Inalienable Managerial Entrenchment, (with C. Thomas), 2011, Economics Letters
3. Trading favors within Chinese business groups (with R. Fisman), May Issue, 2010, American Economic Review (Papers&Proceedings)
2. Profiting from government stakes in a command economy: Evidence from Chinese asset sales, (with C. Calomiris and R. Fisman), 2010, Journal of Financial Economics
1. Investment with Restricted Stock and the Value of Information, (with W. Wu), Applied Mathematics and Computation, 2005
Working Papers (Finance/Political Economy/Development):
1. Fear: Endogenous Risk Aversion, Stock Market Volatility and Financial Decision Making (with T. Chang and W. Huang), April, 2020
2. Target Setting and Allocative Inefficiency in Lending: Evidence from Two Chinese Banks (with Y. Cao, R. Fisman and H. Lin), June 2019.
3. Superstition and Risk-taking: Evidence from “Zodiac Year” Beliefs in China (with R. Fisman, W.Huang, B. Ning, Y. Pan and J. Qiu), Jan 2020.
4. Gender and bureaucratic corruption: Evidence from two countries (with F. Decarolis, R. Fisman, P. Pinotti, and S. Vannutelli), May 2020
5. Place attachment and affective bias: Evidence from Chinese analysts (with R. Fisman, X. He and C. Xue), May 2020
6. Ability and selection into the Chinese bureaucracy (with R. Fisman, H. Lin and W. Wu), June 2020