Table of Content 期刊目录
1. The valuation effect of going International: evidence from QDII in China
Zirun Wu & Jingwen Yu
Pages: 323-344

2. The impact of the U.S. Inflation reduction act on the restructuring of the Asia-Pacific energy industry Chain and China’s response strategies
Xinxuan Cheng & Manjiang Fan
Pages: 345-367

3. Fertility, female labor supply, and household saving evidence from relaxing the one-child policy in China
Ning Jia, Steven Lugauer, Jinlan Ni & Zhichao Yin
Pages: 368-384

4. Assessing whether China will experience the lost decade of Japan
Yifei Liu
Pages: 385-417

5. Board diversity and corporate investment efficiency in emerging markets: an explanation based on principal-agent theory and resource dependence theory
Dongliang Yuan, Duo Shang, Jianglong Yu & Xinyue Yu
Pages: 418-441

6. The disappearance of pollution havens under unified environmental regulation: evidence from China’s pig industry
Lijun Liu, Yingkai Yin, Guanghua Lin, Yazhou Liu, Yunqian Cheng & Chang Su
Pages: 442-460

7. Long-term effect of trade liberalization on human capital: evidence from Chinese students
Jintao Fu
Pages: 461-480

8. Research on the impact of China’s free trade zone policies on urban economic development
Dongyang Qiu, Yu Lan, Aochen Cao & Liang Tan
Pages: 481-498

9. Economics of face masks through the lens of Chinese consumers during COVID-19: demand, supply, price, and willingness-to-pay
Qiujie Zheng, H. Holly Wang, Guoyong Wu & Rachel W. Zhang
Pages: 499-518

Article Abstract 文章摘要
1. The valuation effect of going International: evidence from QDII in China
Zirun Wu & Jingwen Yu
Pages: 323-344
ABSTRACT
This paper attempts to evaluate the valuation effect of deregulation policy on capital outflows by an event study approach. Using the policy announcement of Qualified Domestic Institutional Investor (QDII) and Bond Connect in China, we find a short-term valuation effect that the stock market responds negatively to the deregulation on capital outflows and firm’s size could act as a shield to defend this shock. Moreover, the financially constrained firms are more negatively affected by this policy shock, suggesting that financial vulnerability is an important force driving down the stock valuation. Finally, both the quality of corporate governance and bureaucratic quality of local government could help firms to avoid valuation loss from this policy shock especially those with tight financial constraints.
Link to the original text:：
https://www.tandfonline.com/doi/abs/10.1080/17538963.2023.2277977

2. The impact of the U.S. Inflation reduction act on the restructuring of the Asia-Pacific energy industry Chain and China’s response strategies
Xinxuan Cheng & Manjiang Fan
Pages: 345-367
ABSTRACT
The development of the energy industry holds a crucial position in the industrial layout of countries worldwide. The Inflation Reduction Act intends to exclude China and other Asian countries from the clean energy industry supply chain, which will have a significant impact on the Asia-Pacific energy industry chain layout. This paper constructs a GTAP-GVC model to simulate and analyze the impact of the act on the layout of the PV and EV industry chains in the Asia Pacific region through GVC participation, location, and industry chain elasticity. The study finds that the implementation of the act will drive the ascent of the international division of labor in the U.S. clean energy industry, while worsening the trade environment for other Asia-Pacific countries. Canada, Mexico, and other ‘allies’ of the U. S. cannot benefit from the subsidy conditions of the act. China should strengthen the development of its domestic clean energy industry, enhance its independent research and development capabilities, and promote industrial technological upgrades to cope with the impact of the act.
Link to the original text:：
https://www.tandfonline.com/doi/abs/10.1080/17538963.2024.2310938

3. Fertility, female labor supply, and household saving evidence from relaxing the one-child policy in China
Ning Jia, Steven Lugauer, Jinlan Ni & Zhichao Yin
Pages: 368-384
ABSTRACT
This paper examines how households reacted to the dismantling of the one-child policy, which China relaxed in 2013 and eliminated prior to 2017. We use household survey data and a series of regressions to show that birth rates, female labor force participation, and household saving rates have already changed. Between 2015 and 2017, the proportion of households with children having more than one child increased by at least five percentage points. Moreover, within households adding another child, female labor force participation and saving rates significantly decreased. Our paper contributes to the empirical literature on the economic impacts of pro-fertility policies and has implications for the theories of why households save.
Link to the original text:：
https://www.tandfonline.com/doi/abs/10.1080/17538963.2024.2312495

4. Assessing whether China will experience the lost decade of Japan
Yifei Liu
Pages: 385-417
ABSTRACT
Japan’s lost decade has long puzzled economists, specifically as to what brought it about. As China’s current economic conditions resemble Japan’s in the 1980s, this has prompted concern China might suffer a similar fate. This paper identifies that the response of the Japanese central bank toward the Plaza Accord, which is unfettered lending was the key factor of lost decades. By contrasting Sino-US and Japan-US trade wars, this paper argues that China will not fall foul of the same situation of accepting a new Plaza Accord. By comparing China’s bubble economy now with Japan’s bubble economy in the 1980s, this paper argues that the fallout from a burst Chinese bubble is expected to be less severe than Japan’s early 1990s. Furthermore, by analyzing the two countries’ respective debt problems and aging populations, it is concluded that these issues pose no significant threat to Chinese economic growth in the short term.
Link to the original text:：
https://www.tandfonline.com/doi/abs/10.1080/17538963.2024.2327775

5. Board diversity and corporate investment efficiency in emerging markets: an explanation based on principal-agent theory and resource dependence theory
Dongliang Yuan, Duo Shang, Jianglong Yu & Xinyue Yu
Pages: 418-441
ABSTRACT
Using a sample of Chinese listed enterprises over the 2010–2020 period, this study examines and empirically tests the impact of board diversity on inefficient investment. Drawing on principal-agent theory and resource dependence theory, the analysis is conducted within a comprehensive framework. The study provides evidence that board diversity plays a crucial role in mitigating inefficient investment in enterprises by effectively restraining both overinvestment and underinvestment. Mechanism tests indicate that under conditions of high agency costs and high financing constraints, board diversity exerts a stronger inhibitory effect on inefficient investment. Cross-sectional tests show that the impact of board diversity on inefficient investment varies under different ownership properties, firm sizes and levels of marketization. By comprehensively considering multiple characteristics of board diversity, this research fills the research gap and expands the perspectives on inefficient investment in enterprises. It provides valuable insights for shareholders and enterprises on effectively structuring their boards of directors.
Link to the original text:：
https://www.tandfonline.com/doi/abs/10.1080/17538963.2024.2359847

6. The disappearance of pollution havens under unified environmental regulation: evidence from China’s pig industry
Lijun Liu, Yingkai Yin, Guanghua Lin, Yazhou Liu, Yunqian Cheng & Chang Su
Pages: 442-460
ABSTRACT
Since 2014, China has implemented a unified environmental regulation policy for the livestock industry. With unified environmental regulations across provinces, does the phenomenon of ‘pollution havens’ still exist? To address this question, this paper examines spatial variations among provinces and their spillover effects on the pig industry using data on environmental regulations and pig production panels. The results indicate that: (1) Environmental regulation policies are gradually converging across regions. (2) Under unified environmental regulation, the existence of ‘pollution havens’ in the pig industry is no longer evident. As national regulations become stronger, increasing local regulatory intensity will not affect the number of pig farms in neighboring areas nor lead to significant emigration of such farms. (3) In cases where there are inter-regional variations in environmental regulations, large-scale farmers may relocate to neighboring areas with less stringent regulations; however, under unified environmental regulation, neither small nor large-scale farmers will migrate.
Link to the original text:：
https://www.tandfonline.com/doi/abs/10.1080/17538963.2024.2371742

7. Long-term effect of trade liberalization on human capital: evidence from Chinese students
Jintao Fu
Pages: 461-480
ABSTRACT
This study examines the long-term effects of trade liberalization on human capital accumulation for students, specifically through schooling decisions. To establish this linkage, I leverage the significant reduction in trade tariffs following China’s WTO accession in 2001 as an identification strategy and construct the shift-share instrument variable for each Chinese prefecture’s exposure to trade shock. Utilizing cognitive test scores from the China Family Panel Studies (CFPS) dataset for cohorts aged between 13 to 20 at the time of trade liberalization, I find that the trade shock leads to a decline in cognitive test scores approximately 15 years later. Furthermore, combining CFPS data with the China Population Census, I demonstrate that export expansion has resulted in a reduction in university enrollment and less education years among youth.
Link to the original text:：
https://www.tandfonline.com/doi/abs/10.1080/17538963.2024.2375479

8. Research on the impact of China’s free trade zone policies on urban economic development
Dongyang Qiu, Yu Lan, Aochen Cao & Liang Tan
Pages: 481-498
ABSTRACT
The paper explores the impact of China’s free trade zone policies on urban economic development by way of the time-varying DID model using the annual panel data of 284 cities from 2010 to 2019. Through the study, it is found that the free trade zone policies have effectively promoted urban economic growth. Moreover, it is found that: (1) the pilot cities implementing free trade zone policies have registered economic growth via the mediating effect of foreign trade; (2) the free trade zone policies exert more obvious influential effect on eastern and coastal cities; (3) the relatively loose scope of free trade zones can more effectively promote the local urban economic development.
Link to the original text:：
https://www.tandfonline.com/doi/abs/10.1080/17538963.2024.2386509

9. Economics of face masks through the lens of Chinese consumers during COVID-19: demand, supply, price, and willingness-to-pay
Qiujie Zheng, H. Holly Wang, Guoyong Wu & Rachel W. Zhang
Pages: 499-518
ABSTRACT
Although the COVID-19 pandemic is no longer a life-threatening pandemic, it has left behind economic challenges worldwide. During the outbreak, many governments mandated the use of face masks in public areas, resulting in its demand and market price immediately skyrocketing. The government may intervene in markets through price, which may lead to market misallocation. This article aims to investigate how consumers form their beliefs about face mask price changes based on their estimations of the market demand and supply, both with and without government intervention, and assess their willingness-to-pay (WTP) for face masks during the pandemic. The data was collected through an online survey of Chinese consumers in 2020. The results provide valuable insights for policymakers to better understand consumers’ price expectations and WTP for face masks, enabling more effective government interventions to maintain market stability while ensuring consumer access to face masks.
Link to the original text:：
https://www.tandfonline.com/doi/abs/10.1080/17538963.2024.2386510