Transportation infrastructure and bond issuance credit spread: Evidence from the Chinese high-speed rail construction

Wei, Xiaokun; Ruan, Qingsong; Lv, Dayong; Wu, Yiyang

doi:10.1016/j.iref.2022.06.003

Cited by 16 publications

(1 citation statement)

References 65 publications

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“…Meanwhile, the Kleibergen-Paap F-statistics are 74.06 and 69.87, which are much larger than 10. This indicates no weak IV problem in the relevant empirical results (Lin & Gan, 2022;Wei et al, 2022). Columns (3) and (4) in Table 3 report the second-stage and IV estimates.…”

Section: Estimates On the Impact Of Industrial Robotsmentioning

confidence: 85%

Do industrial robots affect the labour market? Evidence from China

Zhang

Gan

Fan

2023

Econ of Transit and Inst Chang

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The industrial robot is an essential part of modern manufacturing. Using micro‐level data, this study investigates the effects of industrial robots on the labour market in China. The results show that the adoption of industrial robots increases firm‐level employment by 31.65%. Using the Bartik method, we construct robot penetration as an instrumental variable of robot adoption to tackle endogenous problems. Our results stand up to a series of robustness checks. Moreover, the effects of robots are mainly owing to the expansion of the output scale, increased productivity, and upgraded products. We also find the skill‐biased impact of robots and the spillover effect of industrial robots through production networks.

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Section: Estimates On the Impact Of Industrial Robotsmentioning

confidence: 85%

Do industrial robots affect the labour market? Evidence from China

Zhang

Gan

Fan

2023

Econ of Transit and Inst Chang

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Does D&O insurance mislead creditors' lending decisions? Evidence from corporate debt maturity structure

Ruan,

Jin,

et al. 2023

Int. J Fin Econ

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This study investigates whether directors' and officers' liability insurance (D&O insurance) misleads creditors' lending decisions by examining its effect on corporate debt maturity structure. We find that purchasing D&O insurance leads to increased corporate debt maturity, and this effect is more pronounced for firms with weaker corporate governance. These results suggest that creditors may view D&O insurance as an external monitoring tool that helps improve corporate governance. However, D&O insurance induces higher firm risk, but cannot help decrease agency costs or improve firm performance, that is, it results in more severe managerial opportunism. Our findings suggest that D&O insurance, to some extent, misguides creditors' lending decisions.

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Oil price uncertainty and the cost of debt: Evidence from the Chinese bond market

Gan

Jiang

et al. 2023

Journal of Asian Economics

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Transportation infrastructure and bond issuance credit spread: Evidence from the Chinese high-speed rail construction

Cited by 16 publications

References 65 publications

Do industrial robots affect the labour market? Evidence from China

Do industrial robots affect the labour market? Evidence from China

Does D&O insurance mislead creditors' lending decisions? Evidence from corporate debt maturity structure

Oil price uncertainty and the cost of debt: Evidence from the Chinese bond market

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