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| 1 |
ID:
161824
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| Summary/Abstract |
The joint analysis of the Chinese and Hong-Kong markets enables to investigate whether differences in the attributes of shares, as well as in institutional features of markets can generate different holiday effects. The analysis is carried out by comparing Shanghai, Shenzhen and Hong-Kong indices of domestic and cross-listed Chinese shares. Empirical results suggest that holiday effects are positive, significant, time-varying, with no signs of decline over time and strongly dependent on market-specific institutional practices, with a negligible role played by the attributes of shares. We then carry out the same analysis by using an alternative metric based on trading rules profitability and obtain very similar results.
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| 2 |
ID:
161830
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| Summary/Abstract |
This paper attempts to distinguish and estimate the direct and indirect effects of infrastructure on firm productivity. The latter arises from the infrastructure-agglomeration link and has been largely overlooked in the literature on infrastructure. An analytical framework is then proposed to estimate both effects. Finally, empirical results are obtained using large-scale firm-level survey data from China. Major findings include: (1) all the three kinds of infrastructure–road, telecommunication servers and cable–are found to directly promote firm productivity; (2) they also exert a positive indirect effect on firm productivity through the agglomeration channel; and (3) the empirical results are robust to different agglomeration indicators and different subsamples.
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| 3 |
ID:
161825
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| Summary/Abstract |
In this study, we attempt to empirically test the effects of air pollution on public health in China. Using three-stage least squares (3SLS) to solve the potential endogeneity problem in sulfur dioxide (SO2) emissions, we find that air pollution has significant negative effects on public health. Specifically, a 1% increase in SO2 emissions is found to lead to 0.067 and 0.004 more deaths per 100,000 population due to respiratory diseases and lung cancer, respectively. In terms of absolute magnitude, every one million ton increase in SO2 emissions results in 0.735 and 0.052 extra deaths due to respiratory diseases and lung cancer per 100,000 population, respectively. Moreover, SO2 emissions result in 230,000 extra deaths every year and the related economic costs over the study period amount to RMB 8.179 billion.
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| 4 |
ID:
161822
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Carbon emissions and trading system as an effective means of mitigating greenhouse gas emissions, has been implemented in Europe and has received strong academic attention, but this paper focuses on whether China's Carbon Emissions and Trading Pilot (CCETP) will have an impact on enterprise innovation. In the course of the study, this policy provides us with a “quasi-natural experiment”. This paper focuses on the causal effect of the environmental regulation of CCETP on the Chinese enterprises innovation, and according to difference-in-differences (DID) and difference-in-difference-in-differences (DDD) methods, it is found that CCETP will significantly reduce the enterprise innovation, in the meantime, this causal mechanism has a migration effect which means this inhibitory effect is not only effective for regulated enterprises, but also has a significant impact on non-regulated enterprises and other enterprises in the local region, especially on high pollution and stated-owned enterprises and the results are still valid after a series of robustness tests. In the meantime, we have explored the mechanism of this effect. This paper provides a new reference perspective for the formulation of environmental regulation policies.
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| 5 |
ID:
161829
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| 6 |
ID:
161828
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| Summary/Abstract |
Many cities in developing countries are experiencing rapid urbanization along with deteriorating traffic congestion and air quality, so it is important to understand what affects travel demand in developing countries. In this paper, we study how housing location affects travel behavior in Beijing, a city in a developing country. We use subsidized housing as a source of variation for housing location—individuals in subsidized housing live much closer to the city center than individuals in the control group. We exploit a change in the eligibility for subsidized housing generated by China's housing reforms to address the potential endogeneity of subsidized housing. We find that subsidized housing substantially reduces distances traveled for commuting and discretionary trips and that subsidized individuals are less likely to drive but have similar rates of automobile ownership. The results suggest that housing location can have long-lasting effects on travel behavior and automobile use in a developing country. We discuss policy implications of these findings.
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| 7 |
ID:
161833
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| Summary/Abstract |
Using data from a rural household survey in China in 2009, we examine the impact of parental migration on children's educational outcomes. Consistent with the findings of a large empirical literature, we find that parental migration has a significantly negative impact on left-behind children's educational outcomes as measured by test scores in Chinese and math. But unlike much of the existing studies on the subject, we focus on the remediation effect of return migrant parents on once left-behind children's performance. This empirical strategy allows us to avoid the endogeneity issue concerning the migration decision that may have contaminated previous studies. We find evidence that return migrant parents help alleviate the harms caused by parental migration, and the remediation effect is stronger for children attending middle schools, and stronger for daughters. We also find suggestive evidence that return migrant parents improve children's performance through increases in after-school study time and education-related expenditures, following the return of migrant parents.
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| 8 |
ID:
161826
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| Summary/Abstract |
One typical feature of China's pension system is that retirement is mandatory. By exploiting the exogenous change created by this mandatory retirement policy, we use the mandatory retirement age as an instrument for retirement status to examine the effect of retirement on individual health using data from the China Health and Nutrition Survey (CHNS). Our main finding is that the probability of “fair” or “poor” self-reported health among white-collar workers decreases by 34 percentage point after retirement. This result is generally robust to different model specifications, alternative measures of health, and different subsamples. In addition, we deliver evidence that increased health-related exercises and the cultivation of a better lifestyle are two possible channels through which retirement affects health.
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| 9 |
ID:
161831
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| Summary/Abstract |
Although infrastructure and innovation play important roles in fostering a country's economic growth, discussion in the literature about how the two are connected is limited. This paper examines the impact of road density on firm innovation in the People's Republic of China. The analysis uses a matched patent database at the firm level and road information at the city level. Regional variation in the difficulty of constructing roads is used as an instrumental variable to address the potential endogeneity problem of the road variable. The empirical results show that a 10% improvement in road density increases the average number of approved patents per firm by 0.71%. Road development spurs innovation by enlarging market size and facilitating knowledge spillover.
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| 10 |
ID:
161823
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| Summary/Abstract |
This study first traces value added in gross exports of China during 2000–2014 to four components, namely domestic value added absorbed abroad (DVA), domestic value added return home (RDV), foreign value added (FVA), and pure double-counted terms (PDC), then compares these four components in China's exports with those in exports of the USA, Japan, Korea, and India. Second, this paper proposes a generalized logarithmic mean Divisia index (GLMDI) method and combines additive and multiplicative decomposition to decompose DVA gaps between China and the other four countries into value added coefficient effect, input-output structure effect, domestic scale effect and foreign scale effect. The aggregate value added coefficient effect is then attributed to sectoral level. Results show that DVA always occupied the largest share in the gross exports of China, which ranged from 74.60–82.84% during 2000–2014. Before 2011, DVA share of China's exports was generally the second smallest among five countries; since 2011, DVA share of China's exports increased, and China had the largest DVA share in 2014 (81.39%). Sectors having a large FVA share in China's exports usually had a large DVA share, such as “Mining” (MIN), “Computers, Electronic and Optical” (CEO), and “Basic Metals” (BAS). Additive and multiplicative decomposition analyses indicate that value added coefficients had a negative and increased effect on DVA gaps between China and the other four countries. Attribution analysis revealed that CEO sector had the largest negative value added coefficient effect in comparison between China and the USA, Japan, and Korea and its effect increased in comparison between China and the other four countries. Policy implications derived are finally discussed.
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| 11 |
ID:
161836
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| Summary/Abstract |
This paper first builds a simple theoretic model to explore how a special feature of enrollment policy of public primary schools in urban China, the unequal enrollment right between home owners and tenants, would produce rent-yields gap between different housings. The model also predicts that an enrollment policy featuring with tenant discrimination, accompanying with strict credit constraint, would reduce the chance of kids from middle-income families to attend better public schools while allow families with high initial wealth to access better high-quality public education at a lower cost. Using a hedonic pricing model, we find that, in Shanghai, rental yields of housings in neighborhoods associated with reputed public primary schools is on average 0.1–0.35 percentage-point lower than those associated with ordinary ones. We also explore how the rent-yields-gap varies across housing types, locations and changes over time. Nonetheless, our simulation computation suggests that the estimated opportunity cost of holding such schools in Shanghai is generally not a big amount and affordable for many families. Overall, the high entry costs of owing a housing is the major obstacle to access high-quality public primary education in urban China. These findings highlight how an education policy with features of inequality may contribute to education and residential segregation, and then reduce intergenerational mobility.
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| 12 |
ID:
161827
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| Summary/Abstract |
Using the data from an original survey on rural migrant workers from Suzhou industrial sector in 2013, we estimate the wage effect of both union membership and union coverage across the wage distributions using decomposition approach based on unconditional quantile regression. The results show that union membership has a significant effect on the wage level of rural migrant workers across the wage distribution. The effect of coefficient differences which results from the different rewarding systems explains the majority wage differentials between union members and non-members in non-unionized firms. There is also significant union coverage effect at the lower part of the distribution when comparing the union-covered non-member to the nonunion-covered non-member, which is also mainly caused by the coefficient effect. By contrast, wage differentials between union members and non-members in unionized firms are attributed to significant composition effect, which reveals that union members are positively selected within unionized firms. As a result, the positive wage effect of union is limited to the more advantaged group among migrant workers.
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| 13 |
ID:
161832
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| Summary/Abstract |
Urban road infrastructure is crucial in affecting air pollution. Yet, little is known about the roles played by road width vs road length. This paper attempts to fill this gap by estimating the effects of road infrastructure on PM10 using city-level data from China. Our robust modeling results show that the road density index, defined as the ratio of road surface area to city territory size, is negatively correlated with PM10. More importantly, when the road width and length components of the road density variable are separately included in the regression models, the width is found to be significantly and negatively correlated with PM10, whereas the correlation with the length variable is insignificant. This is expected as increases in road width can help mitigate congestion, improve fuel efficiency, and thus reduce emissions. On the contrary, extending roads to new or unconnected areas is likely to bring more vehicles onto the roads and extend average driving time. Our findings appeal for careful consideration of the trade-off between road width (lane numbers) and road length when planning and constructing urban road infrastructure.
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| 14 |
ID:
161835
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| Summary/Abstract |
This paper posits that urbanization reshapes individuals' risk preference by exerting self-selection and assimilation effects. Taking advantage of the unique Hukou system in China, we innovate a quasi-experiment method to elicit the two effects, employing the 2013 wave dataset of the Chinese General Social Survey (CGSS). We find strong evidence supporting our two-effect theory, and the magnitudes of both effects are sizable and similar in scale. The assimilation effect reduces the migrant's risk aversion measurement by 0.606, while the self-selection effect reduces it by 0.715 on average. Overall, urbanization improves migrants' risk appetite, and mediated by this improvement, migrants are more likely than their rural peers to engage in economic activities under uncertainty, as indicated by the evidence that presents when we apply the two-effect theory to investigate how a household decides on risky financial asset investment.
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| 15 |
ID:
161834
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| Summary/Abstract |
Exploring data from the migrant and urban household surveys of the Chinese Household Income Project, this paper dissects the underlying causes of the depressing effect of the hukou system on migrant household consumption to two channels. On one hand, migrants' disentitlement to local urban hukou creates financial insecurity through barriers to employment, social welfare, medical insurance, etc., thereby encouraging precautionary saving. On the other hand, it promotes temporary migration, allows divergence in tastes and values from local urban residents to persist, and incentivizes migrant households to save their transitory income. Factors reflecting these two channels, such as medical and pension insurances, the duration of migration, and local homeownership, are specifically modeled, and they are found to contribute to the discrepancies in consumption between migrant and local urban households, among other factors. In addition, the marginal propensity to consume exhibits heterogeneity across migrant households; it is higher with a longer duration of migration, local homeownership, and self-employment. The lack of these attributes further reinforces the reluctance of migrant households to consume.
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