This paper examines how decentralization of administrative and fiscal authority affects the development of small cities by exploiting a unique reform of county-to-city upgrading (chexiansheshi) in China. Based on a comprehensive county-level dataset and difference-in-difference approach, I...

Using the 2014 to 2019 Forbes China Celebrity Lists, this study empirically examined the relationship between celebrity shareholders and corporate risk. The findings suggest that celebrity shareholders increased corporate risk. And the main reason is that the capital structure of the enterprise...

Due to investors' unique structure and new transaction share rules, speculation in China's IPO market is common. In this paper, we investigate many anomalies in IPOs that produce huge initial return, long-term return reversal and high turnover rate from the perspective of investors' desire to...

This paper investigates the aggregate and distributional effects of urbanization and migration in China using a spatial equilibrium model and population sample survey data from 2005 and 2015. Our quantitative results show a high (low) elasticity of substitution between rural migrants and...

This paper examines spatial allocation and urban wage premiums of skills in China by leveraging a comprehensive dataset that includes several waves of population censuses and nationally representative surveys. Our finding indicates an increasing concentration of occupations requiring high levels...

This paper examines spatial allocation and urban wage premiums of skills in China by leveraging a comprehensive dataset that includes several waves of population censuses and nationally representative surveys. We document an increasing concentration of occupations requiring high levels of...