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The spread and resonance of users’ opinions on SinaWeibo, the most popular micro-blogging website in China, are tremendously influential, having signif icantly affected the processes of many real-world hot social events. We select 21 hot events that were widely discussed on SinaWeibo in 2011, and do some statistical analyses. Our main findings are that (i)(More)
Fashion plays such a crucial rule in the evolution of culture and society that it is regarded as a second nature to the human being. Also, its impact on economy is quite nontrivial. On what is fashionable, interestingly, there are two viewpoints that are both extremely widespread but almost opposite: conformists think that what is popular is fashionable,(More)
Using unique proprietary loan-level data, we provide the first comprehensive study on China’s local government debt, which was off-balance sheet. Policy and commercial banks, both of which are state owned, are the main financiers of local governments. We find that notwithstanding their prevalent nonprofit goal of raising social welfare, policy loans perform(More)
Using a unique sample of Chinese bank loans over the period 2007-2012, we analyze the repayment decisions of borrowing firms whose cash holdings are high enough to cover the maturing loans. We find that at the firm level weak legal enforcement increases the likelihood for these firms to default on its loan obligations. The impact of legal enforcement(More)
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