We study how China's recent anti-corruption campaign affects local economies. Our identification is based on a staggered difference-in-differences design and county-month level variations in inspection visits. We find that inspection visits decrease business entries by 0.9% in registered...

We study how shared experiences of political events can have a long-term effect on consumers' identity-driven brand choices, and how geopolitical conflicts can activate the effect. Our empirical strategy uses a generalized difference-in-differences design to exploit spatial variations in the...

We propose a novel framework to analyze the potentially heterogeneous roles played by different market participants in the fire-sale process during market crash and illustrate the methodology with the 2015–16 Chinese stock market turbulence. Unlike conventional analysis focusing on one...