Anthropogenic production and operating activities give off heat and emit thermal infrared radiation (TIR) as a fundamental result of the laws of thermodynamics. This study examines whether the strength of TIR measures the dynamics of economic activities and development. Using satellite data on...

Air pollution is a growing hazard to human health. This study examines whether air pollution affects the formation of corporate human capital and thereby firm performance. We find that people exhibit an intention to look for jobs in less polluted areas when air pollution is high in their...

We conduct a field experiment to explore why firms pay dividends. We change managers’ perception on agency concerns from outside investors, investors’ risk preference, the information gap with outside investors, and firms’ tax clientele by contacting publicly listed firms in China to test...

Increasingly, firms are shifting their sales channels from local brick-and-mortar stores to online marketplaces. In this study, we investigate the motives behind this shift and whether online sales provide an informational advantage to investors over financial statements. First, we find that...

This study examines the causal impact of financial knowledge on stock pricing efficiency. We created an investor education website and conducted a field experiment by providing knowledge about the pricing implications of accounting accruals to investors in randomized stock groups via social...