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In China, where local courts traditionally suffer from the interference of local governments when dealing with bankruptcy cases, the lack of an efficient and independent judicial system is an obstacle to economic and financial development. Local politicians have strong incentives to delay liquidation and keep low-productivity and financially distressed state-owned firms in operation to maintain employment, avoid social unrest, and promote their political careers. Join us for a conversation with Jacopo Ponticelli and Yueran Ma on the new research that investigates how China deals with corporate insolvency, and how the results have important policy implications.

About the Seminar Series

Financial market development goes hand-in-hand with economic growth. The development of China’s capital markets in terms of size, regulations, capability, and efficiency has been impressive. China may now even lead globally in some dimensions, notably e-payments systems. Yet, China’s capital markets are still a work-in-progress facing both generic and unique challenges. Other Asian capital markets have even greater uneven development. Some in advanced Asian economies have acquired globally acclaimed reputation and capabilities while various regulatory and structural weaknesses dwarf others. Corporations and investors have been inclined to arbitrage cross-border regulatory and developmental gaps; so the very uneven status of capital markets across Asia is a policy issue for the governments in the entire region and perhaps globally. Analyzing the positive and negative lessons in the functioning of Asia’s capital markets, and identifying reforms and applications of technology that could further improve Asian capital markets’ allocation efficiency, financial inclusion, and forewarning against reforms that might cause problems can benefit practitioners, policymakers and researchers, and can contribute significantly to overall prosperity.

The ABFER and the University of Chicago’s Becker Friedman Institute China (BFI-China), in collaboration with National University of Singapore (NUS) Business School, Shanghai Advanced Institute of Finance (SAIF), The Chinese University of Hong Kong (CUHK) Department of Economics, CUHK-Shenzhen and Tsinghua University PBC School of Finance (Tsinghua PBCSF), hope to provide a virtual network to benefit researchers, policymakers, and practitioners from Asia and beyond.

All times are listed in Central Standard Time. A unique Zoom webinar link will be sent to you two days before the event. 

Session Format

Each session lasts for an hour (30 minutes for the author, 15 minutes for the discussion, 15 minutes for participants’ Q&A).


Wednesday, April 14, 2021
9:00 pm - 10:00 pm

Jacopo Ponticelli, Associate Professor of Finance, Northwestern University

Yueran Ma (Discussant), Assistant Professor of Finance and Liew Family Junior Faculty Fellow, Chicago Booth, University of Chicago