Haoyu Gao

TL;DR: The authors study credit allocation across firms and its real effects during China's economic stimulus plan of 2009-2010 and find that the stimulus-driven credit expansion disproportionately favored state-owned firms and firms with a lower average product of capital, reversing the process of capital reallocation toward private firms.

TL;DR: This work selects 21 hot events that were widely discussed on Sina Weibo in 2011, and finds that male users are more likely to be involved, messages that contain pictures and those posted by verified users aremore likely to been reposted, while those with URLs are less likely.

TL;DR: In this paper, the authors study credit allocation across firms in developing economies with severe financial frictions and find that credit expansions during recessions can slow down or even reverse the gradual reallocation of resources from low to high productivity firms.

TL;DR: This paper investigated the relation between media coverage and offering yield spreads using a comprehensive dataset of 5,338 industrial bonds issued from 1990 to 2011 and found that media coverage is negatively associated with firms' cost of debt.

TL;DR: Li et al. as mentioned in this paper show that Chinese local governments choose to default on banks with weaker political power, and that a reduction in a bank's political power relative to other banks increases the likelihood of selective default by local governments.