Is greater trading liquidity good or bad for corporate governance? We address this question both theoretically and empirically. We solve a model consisting of an optimal IPO followed by a dynamic Kyle market in which the large investor's private information concerns her own plans for taking an...

Is greater trading liquidity good or bad for corporate governance? We address this question both theoretically and empirically. We solve a model consisting of an optimal IPO followed by a dynamic Kyle market in which the large investor's private information concerns her own plans for taking an...

Portfolio turnpike theorems show that if preferences at large wealth levels are similar to power utility, then the investment strategy converges to the power utility strategy as the horizon increases. We state and prove two simple and general portfolio turnpike theorems. Unlike existing...

On the strength of the theory of agricultural circular economy, the mutual relation between the development of agricultural circular economy and new village construction is analyzed. The results show that developing agricultural circular economy and constructing new village is the mutual...

type="main" <title type="main">Summary</title> <p>Life cycle assessment (LCA) enables us to estimate potential resource and energy consumption as well as environmental emissions resulting from various activities within our economy. The present LCA intends to analyze the energy consumption and environmental emissions of the...</p>

China reformed value-added tax (VAT) by removing investment from the tax base in northeastern provinces in 2004, which is a “natural experiment” of its tax system. Using difference-in-differences method, this paper for the first time investigates the impact of VAT reform on China firms’...

This paper advocates a spatial dynamic model that introduces technology diffusion, factor mobility, and structural change into the cross-region growth regression. The spatial setting is derived from theory rather than spatial statistical tests. An application of this model to the study of...

A commonly observed two-stage pricing strategy for a custom-made product involves a pre-purchase entry fee for a potential consumer and a purchase price if he decides to buy the product. We solve and compare two settings: In the first, the firm does not commit in advance to the second-stage...

In a randomized trial conducted with primary school students in China, we find that pairing high and low achieving classmates as benchmates and offering them group incentives for learning improved low achiever test scores by approximately 0.265 standard deviations without harming the high...