Department of Applied Economics
Guanghua School of Management
Rm. 323, Hall 2
Beijing 100871, China
Institutional Affiliation: Peking University
Information about this author at RePEc
NBER Working Papers and Publications
|May 2018||Riding the Credit Boom|
with Christopher Hansman, Harrison Hong, Wenxi Jiang, Yu-Jane Liu: w24586
Research on leverage and asset-price fluctuations focuses on the direct effect of lax bank lending enabling financially-constrained investors to take excessive risks. Ignored are unconstrained investors speculating on higher prices during credit booms. To identify these two effects, we utilize China's staggered liberalization of stock-margin lending from 2010-2015—which encouraged a bank/brokerage-credit-fueled stock-market bubble. The direct effect is a 25 cent increase in a stock's market capitalization for each dollar of margin debt. Unconstrained investors led to an even larger increase in valuations of an additional 32 cents as they speculated on stocks likely to qualify for lending.
|November 2013||Confucianism and Preferences: Evidence from Lab Experiments in Taiwan and China|
with Elaine M. Liu, Joseph Tao-yi Wang: w19615
This paper investigates how Confucianism affects individual decision making in Taiwan and in China. We found that Chinese subjects in our experiments became less accepting of Confucian values, such that they became significantly more risk loving, less loss averse, and more impatient after being primed with Confucianism, whereas Taiwanese subjects became significantly less present-based and were inclined to be more trustworthy after being primed by Confucianism. Combining the evidence from the incentivized laboratory experiments and subjective survey measures, we found evidence that Chinese subjects and Taiwanese subjects reacted differently to Confucianism.
Published: Liu, Elaine M. & Meng, Juanjuan & Wang, Joseph Tao-yi, 2014. "Confucianism and preferences: Evidence from lab experiments in Taiwan and China," Journal of Economic Behavior & Organization, Elsevier, Elsevier, vol. 104(C), pages 106-122. citation courtesy of
|March 2013||Confucianism and Preferences: Evidence from Lab Experiments in Taiwan and China|
with Elaine M. Liu, Joseph Tao-yi Wang
in Economics of Religion and Culture, Daniel Hungerman and Daniel L. Chen, editors
|June 2012||Using Audit Studies to Test for Physician Induced Demand: The Case of Antibiotic Abuse in China|
with Janet Currie, Wanchuan Lin: w18153
The overuse of medical services including antibiotics is often blamed on Physician Induced Demand. But since this theory is about physician motivations, it is difficult to test. We conduct an audit study in which physician financial incentives, beliefs about what patients want, and desires to reciprocate for a small gift are systematically varied. We find that all of these treatments reduce antibiotics prescriptions, suggesting that antibiotics abuse in China is not driven by patients actively demanding antibiotics, by physicians believing that patients want antibiotics, or by physicians believing that antibiotics are in the best interests of their patients, but is largely driven by financial incentives. Our results also show that physician behavior can be significantly influenced by t...
Published: "Addressing Antibiotic Abuse in China: An Experimental Audit Study," Journal of Development Economics, v. 110, Sept. 2014, with Wanchuan Lin and Juanjuan Meng, 39-51