We extract individual and company profiles from BoardEx to identify the executive board network and investigate the relationship between social links and asset returns. Our study documents a cross-predictability effect on returns for firms linked through executive board members. Specifically,...

We analyse land transaction and residential development data from Beijing, China and identify that developers’ evaluation of land transaction exhibits reference dependence and loss aversion. Developers with prior land transaction losses set higher house prices than those without prior losses....

This research investigates the profound influence of information friction on housing market outcomes in Beijing, China. Leveraging an extensive dataset of administrative micro-level housing resale transactions, we employ a boundary discontinuity design and difference-in-differences model to...

China’s housing purchase restriction (HPR) policy imposes administrative restrictions on households’ home purchase eligibility to curb speculative demand. We quantify households’ willingness to pay (WTP) to re-acquire such eligibility. The empirical results based on the staggered DID...

Using both the onset of the US-China trade war in 2018 and the most recent Russia-Ukraine conflict and associated trade tensions, we show that government-linked firms increase their importing activity by roughly 33% (t=4.01) following the shock, while non-government linked firms trading to the...

We provide evidence that the COVID-19 pandemic has incentivized U.S. firms to rebalance the tradeoff between manufacturing cost efficiency and supply chain resilience in their sourcing decisions. Over the past few decades, companies have been outsourcing production to low-cost countries such as...

The service-oriented economy has prompted traditional product-oriented manufacturing firms to increasingly infuse various services into their businesses. This research provides empirical evidence disclosing the impact of manufacturers' service offerings on two bullwhip issues, namely "felt"...

Unlike local governments in western countries, local Chinese governments are prevented from directly issuing debt to fund mandated capital projects. As a result of recent fiscal stresses and restrictions placed on local governments, China has developed a unique funding source, known as Local...