We study credit allocation across firms and its real effects during China’s economic stimulus plan of 2009–2010. We match confidential loan-level data from the nineteen largest Chinese banks with firm-level data on manufacturing firms. We document 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 that characterized China’s high growth before 2008. We argue that implicit government guarantees for state-connected firms become more prominent during recessions and can explain this reversal. Received August 23, 2017; editorial decision November 15, 2018 by Editor Philip Strahan.

Nonvolatile memories based on van der Waals heterostructures have been proved to be promising candidates for next-generation data storage devices. However, little attention has been focused on the structure with separated floating and control gates (the floating gates and control gates distribute at the different side of the channels), which were recently predicted to be capable of further improving device performance. Here, nonvolatile multibit optoelectronic memories are demonstrated using MoS 2 , hexagonal boron nitride (h-BN), and graphene in a top-floating-gated structure. With separated top graphene floating gate, the devices show a large memory window (≈95 V) via sweeping gate voltage from 80 to −80 V, a high on/off ratio (≈10 6 ) with an ultralow dark current (≈10 −14 A), as well as excellent retention characteristic (≈10 4 s) and cyclic endurance. In addition, these devices can also be erased by a laser illumination with broadband spectrum after being electrically programmed. For the multilevel storage property, 7/6 stages controlled by different electrical operations, and 13/6/3 stages by different laser pulse illuminations are gained. The obtained results show a promising performance for nonvolatile optoelectronic memory using a top-floating-gated structure.

The spread and resonance of users' opinions on SinaWeibo, the most popular micro-blogging website in China, are tremendously influential, having significantly 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) male users are more likely to be involved, (ii) messages that contain pictures and those posted by verified users are more likely to be reposted, while those with URLs are less likely, (iii) gender factor, for most events, presents no significant difference in reposting likelihood.