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【9.26讲座】How Do Individual Politicians Affect Privatization? Evidence from China
来源:时间:2018-09-21作者:



How Do Individual Politicians Affect Privatization? Evidence from China

 

Time10:30am-12:00pm, Sep 26, 2018

VenueRoom 359S, Oversea Exchange Center, Peking University

SpeakerHong Ru (College of Business, Nanyang Technological University)


Abstract:

This paper investigates how local politicians affect privatization implementations and the outcomes in China. I find that older local politicians with higher education and working experience in state-owned enterprises (SOEs) tend to do more privatizations. Overall, privatizations increase firm efficiency and productivity which help local politicians’ career advancements under the GDP tournaments in China. Politically powerful politicians with higher promotion chances have less desire for local GDP numbers and do more rent-seeking during privatization. This leads to worse outcomes of privatizations conducted by these powerful local politicians. I employ the regression discontinuity design by using the compulsory retirement age of members of the Central Committee of the Communist Party of China as exogenous shocks to their connected local politicians’ political power.

 

 

Speaker:


Dr. Hong Ru joined Nanyang Business School in NTU as an Assistant Professor of Banking & Finance division in 2015. His research interests include financial intermediary, Chinese economy, corporate finance, and household finance. Dr. Ru's researches have been published at top journals and presented at many conferences including AFA, EFA, NBER, SFS Cavalcade, and received best paper awards and research excellence award many times. His researches have been covered by Wall Street Journal, Washington Post, NBER Digest, and ABFER Digest. Dr. Ru is also the research director of the Centre for RMB Internalization Studies (CRIS) in NTU. Dr. Ru received his Ph.D.in finance from the MIT Sloan School of Management in 2015.

 



上一篇:【10.10讲座】Lorenzo Caliendo: Trade and Labor Market Dynamics: General Equilibrium Analysis of the China Trade Shock
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