地点：腾讯会议968 488 643
Export Liberalization and Domestic Policy Distortion: Evidence from VAT Rate Dispersion around China'sWTOAccession
Tax policies are implemented with significant degree of distortion across firms. Using data on Chinese firms' value-added tax (VAT) payment, we empirically investigate whether export liberalization affects the within-industry VAT rate dispersion across firms, a direct measure of distortion. Adopting the trade policy uncertainty (TPU) shock upon China's WTO accession as the identification strategy, we use a difference-in-difference approach to show that export liberalization through the removal of TPU significantly decreases the within-industry VAT rate dispersion. This result remains significant throughout a series of robustness checks. Our paper thus highlights another source of gains from trade liberalization through mitigating domestic misallocation.
陈晓平，现任职于新加坡南洋理工大学社会科学院经济系，主要研究兴趣是国际贸易相关问题，如贸易理论，贸易政策，贸易与创新，贸易与环境，以及与贸易相关的中国问题等。论文发表在Journal of Development Economics、Review of International Economics等期刊。
Leverage Dynamics in the Haze of Pandemics
We empirically investigate the effects of pandemics on corporate leverage dynamics from firm-level data in 46 economies between 1980 and 2018. Using the index of discussion about pandemics to measure pandemic concern, we find that pandemic concern is associated with higher observed leverage, lower target leverage, and slower movement toward the target during pandemics. The impacts of pandemics on leverage dynamics are stronger for more financially constrained firms and for economies with worse credit or medical conditions. Results using an instrumental variable based on average pandemic concern in neighboring countries strengthen the identification and confirm our main results.
俞路平，香港大学金融学博士，其论文被journal of financial economics录用待刊。