Swiss Watch Cycles: Evidence of Corruption during Leadership Transition in China   时间：3月12日（周三）下午2:00-3:30 地点：北京大学国家发展研究院朗润园 万众楼小教室 主讲人：兰小欢，长江商学院   The enormous costs of political power transitions are not inherently unique to democratic elections and campaigns. In China, bribery and gift-sending is rampant during power transitions. From 1993 to 2010, during the local and national leadership transitions that regularly occur every five years in China, we find that the import value of luxury wrist watches, a popular medium of corrupt exchanges, triples. This pattern does not exist in Chinese imports of non-luxury watches, nor in the imports of luxury watches in Hong Kong, Singapore, or the United States.