If trade barriers are managed by inefficient institutions, trade liberalization can lead to greater-than-expected gains. We examine Chinese textile and clothing exports before and after the elimination of externally imposed export quotas. Both the surge in export volume and the decline in export prices following quota removal are driven by net entry. This outcome is inconsistent with a model in which quotas are allocated based on firm productivity, implying misallocation of resources. Removing this misallocation accounts for a substantial share of the overall gain in productivity associated with quota removal.

We examine the effects of trade liberalization in China on the evolution of markups and productivity of manufacturing firms. Although these dimensions of performance cannot be separately identified when firm output is measured by revenue, detailed price deflators make it possible to estimate the average effect of tariff reductions on both. Several novel findings emerge. First, cuts in output tariffs reduce markups, but raise productivity. Second, pro-competitive effects are most important among incumbents, while efficiency gains dominate for new entrants. Third, cuts in input tariffs raise both markups and productivity. We highlight mechanisms that explain these findings in the Chinese context.

朱峰 南加利福尼亚大学（现：哈佛商学院）

In this paper, we examine the causal relationship between group size and incentives to contribute in the setting of Chinese Wikipedia, the Chinese language version of an online encyclopedia that relies entirely on voluntary contributions. The group at Chinese Wikipedia is composed of Chinese-speaking people in China and Singapore, and other regions in the world, who are aware of Chinese Wikipedia and have access to it. Our identification hinges on the exogenous reduction in group size at Chinese Wikipedia as a result of the block of Chinese Wikipedia in China in October 2005. During the block, Chinese(except for Hong Kong and Taiwan) could not use or contribute to Chinese Wikipedia, although contributors outside China could continue to do so. We find that contribution levels of these nonblocked contributors decrease by 42.8 percent on average as a result of the block. We attribute the cause to social effects: contributors receive social benefits from their contributions, and the shrinking group size reduces these social benefits. Consistent with our explanation, we find that the more contributors value social benefits, the greater the reduction in their contributions after the block.

06. The Multitask Theory of State Enterprise Reform: Empirical Evidence from China

发表时间：May 2006

Google Scholar引用量：424

白重恩 清华大学、香港大学

路江涌 清华大学（现：北京大学）

陶志刚 香港大学

Given the poor financial performance of SOEs, the coexistence of state ownership and private ownership in China is a puzzling phenomenon. Does state ownership exist solely for the benefit of politicians, as is modeled by Andrei Shleifer and Robert W. Vishny (1994), or has state ownership played any role in China's spectacular growth? Is there any rationale behind China's gradual and selective approach toward privatizing its SOEs? What types of SOEs does the Chinese government choose to privatize? What are the consequences of privatization? In this paper, we offer a theory of SOE reform in China, and make predictions regarding the types of SOEs to be chosen for privatization and the results of privatization. We then present empirical evidence supporting the basic premise of the theory and its theoretical predictions.

07. Domestic Value Added in Exports: Theory and Firm Evidence from China

发表时间：June 2016

Google Scholar引用量：396

HIAU LOOI KEE 世界银行

邓希炜 约翰斯·霍普金斯大学

钱颖一 加利福尼亚大学伯克利分校和清华大学

EKATERINA ZHURAVSKAYA 俄罗斯新经济学院经济与金融研究中心和经济政策研究中心（现：巴黎经济学院）

Although there are studies on each perspective, little work looks at each of these factors taking the others into account. This is precisely what we do in this paper, using a new dataset of Chinese entrepreneurs and a matching sample of nonentrepreneurs with similar age, gender, and educational characteristics. The survey covers both entrepreneurs and nonentrepreneurs in order to understand how they differ in individual characteristics, family background, social networks, values and beliefs, and perceptions of the institutional environment. The data further allow us to separate Chinese entrepreneurs into two groups, by necessity and by opportunity, and to differentiate nonentrepreneurs in three groups: those who never thought to be entrepreneurs, those who thought but never became entrepreneurs, and those who became entrepreneurs but eventually failed. This is a richer dataset than a previous survey in Russia (Djankov et al., 2005, 2006).

10. The Chinese Warrants Bubble

发表时间：October 2011

Google Scholar引用量：291

熊伟 普林斯顿大学

余家林 哥伦比亚大学（现：香港科技大学）

In 2005-2008, over a dozen put warrants traded in China went so deep out of the money that they were almost certain to expire worth less. Nonetheless, each warrant was traded more than three times each day at substantially inflated prices. This bubble is unique in that the underlying stock prices make warrant fundamentals publicly observable and that warrants have predetermined finite maturities. This sample allows us to examine a set of bubble theories. In particular, our analysis highlights the joint effects of short-sales constraints and heterogeneous beliefs in driving bubbles and confirms several key findings of the experimental bubble literature.