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| 1 |
ID:
093850
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2010.
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| Summary/Abstract |
This study examines whether firms incorporated in mainland China benefit from cross-listing in Hong Kong, China. The Hong Kong Stock Market has more stringent rules regarding corporate governance and a better system of investor protection than the mainland market. Hong Kong companies generally provide strong incentives to executives via equity-based compensation. Have cross-listed companies learned from Hong Kong firms about adopting these strong executive incentives? The evidence from this study suggests that changes in top executive compensation are more sensitive to sales growth in cross-listed firms than they are in mainland firms without cross-listing. However, compared to Hong Kong firms, cross-listed firms are less sensitive to stock returns. Further, this study shows that it is necessary to differentiate between state-owned companies and private companies, as cross-listing may have a greater impact on executive incentives in state-owned companies than it does in private companies.
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| 2 |
ID:
106231
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| Publication |
2011.
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| Summary/Abstract |
This study examines changes in Chinese urban income distribution from 1987 to 1996 and 1996 to 2004 using nationwide household data and investigates the causes of these changes. The Firpo, Fortin, and Lemieux (2007, 2009) method based on unconditional quantile regressions is used to decompose changes in income distribution and income inequality measures, such as variance and a 10:90 ratio. The decomposition results show that wage structure effects, such as a widening gender earnings gap, increases in returns to college education, and increases in earnings differentials between industries, company ownership types, and regions, have been the major contributors to the overall increases in income inequality. It was also found that at different points on the income distribution (e.g., the lower or upper half), the contributing factors that increase income inequality are different.
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| 3 |
ID:
134894
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| Summary/Abstract |
Each year, millions of Chinese high school students sit the National College Entrance Examination (CEE). For the majority of students, the CEE score is the single determinant in whether they gain admission into a college and to what college they enter. The purpose of this paper is to determine whether and how well the CEE score predicts college academic success. We also consider high school achievement and admission route in predicting college grades. We obtain administrative data on CEE and undergraduate GPAs from two Chinese universities with very different rankings. We find that, for both universities the CEE total score predicts undergraduate GPAs for all four years in college. Even the size of the estimates for CEE is similar for the two universities. High school achievement and admission routes are also significant predictors of college grades. However, we do not find consistent results as to which CEE subject test scores predict students' academic performance in college.
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| 4 |
ID:
147411
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| Summary/Abstract |
Household education expenditure is an important component of human capital investment in children. In China, the rising child education expenditure and the subsequent financial burden on families have attracted much research and policy attention in the recent years. Using 2007 and 2011 data from the Urban Household Education Surveys, our empirical study provides new evidence on the education expenditure level, ratio of expenditure to household income, and inequality in this expenditure. We also elucidate changes in China's household education expenditure and explore factors associated with such changes. From the analysis, we obtain the following findings. First, education expenditure incurred outside the school significantly contributes to increasing household education expenditure. Second, compulsory education programs are effective in curbing in-school education expenditure; however, it does not prevent the rapidly increasing education investment outside school. Third, education expenditure disproportionally increases with family income. In other words, a larger share of the income earned by lower income families is spent on children's education, compared to higher income families.
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| 5 |
ID:
124562
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2013.
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| Summary/Abstract |
Despite the "growth miracle" of recent decades, labor's share, i.e., the share of total labor compensation in GDP, has decreased in China. Labor's share is an important indicator of the primary distribution of national income, and its fall has drawn significant attention from researchers and policymakers. As China's many regions have different development levels and economic structures, it is very likely that labor's share will differ across regions. Thus, it is important to examine the regional disparity of labor's share. In this paper, we develop a conceptual framework based on existing theories to identify the factors that influence labor's share. We, then, use Chinese provincial data from 1997 to 2007 to describe the regional differentials in labor's share and its evolution over the 10-year period and to explain regional disparity in labor's share. We take into consideration spatial correlations across regions and employ spatial cross-sectional and panel models in the empirical analysis. We found that industrial composition and ownership structure were the two key factors that influence labor's share. We also found that the average labor income was lower but labor's share was higher in western areas compared to eastern areas. The higher levels of labor's share in western provinces may be explained by a higher share of agricultural industries and state-owned enterprises, as agriculture and state-owned sectors tend to distribute more income to labor than to capital.
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