This paper proposes an approach that demands fewer data to estimate the effect of social interaction on stock market participation. Using data available publicly, we construct a sequence of measures of aggregated stock returns that are based on the same stock returns information and embed social...

This paper documents how the decisions of young adults to return to live with their parents (‘boomerang') may contribute to low or declining levels of out-migration from weak labor markets. Using the Panel Study of Income Dynamics and a locational choice model, we find that the likelihood of a...

We estimate the causal effect of the 2003 SARS epidemic on firm-level exports in China. We combine a patient-level data set with a micro trade data set between 2000 and 2006. We construct two measures of exposure to SARS. The first measure is based on the exposure to SARS patients in firms'...

What are the welfare implications of placing restrictions on internal migration? Given externalities in location choices, the answer is ambiguous. This paper empirically examines what is presumably the largest government intervention in internal migration in human history--the Hukou system in...