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In many economic applications involving comparisons of multivariate distributions, supermodularity of an objective function is a natural property for capturing a preference for greater interdependence.  One multivariate distribution dominates another according to the supermodular stochastic...
Persistent link: https://www.econbiz.de/10011004334
In this paper we analyze a simple two-sided adverse selection model with one principal and one agent. They are both risk neutral and have private information about their type. We also assume that the private information of the principal is correlated with the one of the agent. The main result of...
Persistent link: https://www.econbiz.de/10005047891
This paper investigates the relation between stock liquidity and firm performance.  We find that firms with liquid stocks have better firm performance as measured by the market-to-book ratio.  This result holds even when we include industry or firm fixed effects, control for idiosyncratic...
Persistent link: https://www.econbiz.de/10011004362
This is a pioneering study of the determinants of the subjective well-being of ethnic minority people in rural China …
Persistent link: https://www.econbiz.de/10011159002
determinants of subjective well-being.  Less attention has been paid to its normative implications.  Taking China as a case study …
Persistent link: https://www.econbiz.de/10011159009
, industries and regions, we find that corporate investment in China has become increasingly efficient over time.  However, based … good explanation for China's overinvestment, especially for the private sector, while in the sector, overinvestment is …
Persistent link: https://www.econbiz.de/10008763475
This paper attempts to address a puzzle in China's investment pattern: despite high aggregate investment and remarkable …
Persistent link: https://www.econbiz.de/10008763731
appropriate data set for China.  The tests favour the early theories.  Implications are drawn. …
Persistent link: https://www.econbiz.de/10011004132
China and the United States.  We construct a firm-level dataset by matching USPTO and SIPO patents to Chinese manufacturing … China are considerably younger, larger and substantially more export-oriented than firms patenting exclusively in China ….  Our study contributes to the debate on China's innovative prowess and its potential to transition from an imitator to an …
Persistent link: https://www.econbiz.de/10011004142
generate a poverty trap.  The setting is rural China, and the data are from a national household survey for 2002, designed with … research hypotheses in mind.  Enrolment is high in rural China by comparison with most poor rural societies, but the quality of …
Persistent link: https://www.econbiz.de/10011004217