Exchange rate and other macroeconomic fluctuations can be considered sources of good or bad “luck” for corporate performance. Incentive effects of performance-based compensation for management may be weakened or biased by macroeconomic influences on remuneration depending on the ability of...

This paper examines the role of total factor productivity (TFP) in China’s miraculous growth during 1997-2012 and reports that 16% of the GDP growth is driven by the TFP growth, dominated by technological progress. The TFP growth varies significantly across regions and is positively influenced...

This paper examines the role of social learning in household enrollment decisions for the New Cooperative Medical Scheme in rural China by estimating a static game with incomplete information. Using a rich dataset from the China Health and Nutrition Survey, we find that the social network...