We examine the impact of Confucian philosophy on external pay gaps, and find that a Confucianist atmosphere is negatively associated with firms' external pay gaps for both executives and employees. Mechanistically, the Confucian concept of "righteousness" reduces the self-interested motivation...

Exploiting the U.S.-China trade war in 2018 as an exogenous shock, we investigate how interstate frictions affect corporate research and development (R&D) investment based on the Difference-in-Differences (DID) method. We find that firms with higher exposures to the trade war significantly...

As a potential candidate in the future energy storage system, Zinc-air batteries (ZABs) are impeded by their insufficient discharge voltages and low charge-discharge efficiencies. Building the alkaline hybrid zinc batteries (AHZBs) combining ZAB and alkaline zinc/cobalt batteries (ZCB) at the...

We find that the low average returns to firms with high asset growth are consistent with two key implications of models of diagnostic investor expectations (e.g., Bordalo, Gennaioli, La Porta, and Shleifer, 2019) that formalize the representativeness heuristic of Kahneman and Tversky (1972)....