Who leads and who follows? The cross-border peer effect in investment by Chinese and US firms
研究发现中国企业投资跟随美国同行，但反向不成立；这种效应在制造业、有创新美国同行、中国入世后或遭遇反倾销调查时更强，且中国企业通过向美国同行学习来应对国内竞争。
We document a cross-border peer effect in corporate investment across two key economies, China and the US. Results show that investment by individual Chinese firms lags US peers without feedback in the other direction. This association is stronger for Chinese firms in manufacturing, with innovative US peers, once China joined WTO, or targeted by anti-dumping investigations or measures as reported to the WTO. These findings are robust to diagnostic tests and alternative specifications. Furthermore, Chinese firms respond to domestic competition by learning from US peers. Our findings illustrate how peer competition induced by foreign trade and international institutions affects corporate decision-making in China's rapidly-growing economy.