This study investigates alma mater tourists' motivation and experience through semi-structured interviews. We propose that one's tertiary educational institution serves as a Home of Exploration between one's Home of Origin and Home of Procreation. This Home of Exploration occupies a liminal...

As the world's largest energy consumer, it is worth exploring how China can achieve high-quality energy development. This paper aims to assess the role of green finance development in China's high-quality energy development (HED). We develop two indicator systems to measure the level of...

The paper examines the impact and mechanism of statutory pension insurance contribution rates on firms' ESG performance. High contribution rates significantly reduce ESG performance, and our finding remains robust after robustness tests. We explain how social security contributions undermine ESG...

The Anti-Monopoly Law serves as a competition policy to correct market order, providing a favorable institutional environment for corporate governance. We use China’s listed companies and a difference-in-difference strategy to examine the impact of the Anti-Monopoly Law on executives’ excess...

We attempt to examine the impact of the social security contributions on firms' market performance in the context of the 2010 Social Security Act. Using a sample of Chinese A-share listed firms, we use a difference-in-difference strategy to identify a causal relationship between the impact of...

Many environmental problems are caused by changes in aspects of the hydrological cycle. Water balance modelling combined with field experiments can give us a better understanding of the components of the hydrological cycle from which to develop appropriate management options. Water balance...

We present a dynamic general equilibrium model with heterogeneous firms. Owners of firms delegate investment decisions to managers, whose consumption and investment decisions are private information. We solve the optimal contracts and characterize the implied firm dynamics. Risk sharing requires...

We present a general equilibrium-mechanism design model with two-sided limited commitment that accounts for the observed heterogeneity in firms' investment, payout and CEO-compensation policies. In the model, shareholders cannot commit to holding negative net present value projects, and managers...

We extend the neoclassical investment model Hayashi (1982) to allow for limited commitment on compensation contracts. We consider three types of limited commitment: i) managers cannot commit to compensation contracts that provide lower continuation utility than their outside options; ii)...

We develop a firm-dynamics model with moral hazard, which arises because some productivity shocks are privately observed by firm managers only. We characterize the optimal contract and its implications for firm size, growth, and managerial pay-performance sensitivity, which allow us toquantify...