This paper explores the effect of China’s staggered rollout of social credit reform (hereafter “the reform”), designed to improve credit information and credit market efficiency, on firm-level trade credit financing. The reform improves firms’ access to trade credit financing in...

We investigate the impact of CEO’s happiness on firm innovation in China. As happiness is difficult to measure, we use CEO’s age based on the Happiness Curve theory. We find that when CEOs are in their less happy midlife stage, they more actively promote higher reward and risk innovation...

Using the geographic location data of 218,554 commercial bank branches in China, we find that an increasing number of bank branches in the vicinity of enterprises, namely bank competition, leads to higher corporate employment, particularly for non-SOEs. Channel analyses reveal that better access...

This paper explores the effect of judicial quality on corporate innovation by taking advantage of the staggered establishment of Circuit Courts in China. We find that the introduction of Circuit Courts increases corporate innovation, particularly for central SOEs and private firms. Channel...