Emile Durkheim said that when all of the members of a tribe or clan come together, they can sanctify the sacred and experience a spiritual “effervescence.” Friedrich Hayek suggested that certain genes and instincts still dispose us toward the ethos and mentality of the hunter-gatherer band,...

Many economic agents, including CEOs, physicians, entrepreneurs, and political leaders are entrusted with decision-making authority. These economic agents act as trustees who make risky decisions, impacting their own welfare and that of their stakeholders. Stakeholders often demand measures to...

We examine the effect of debt financing capacity on firm innovation by employing a shock that increases firms' asset pledgeability. We find that firms increase innovation activities after the shock, and the increase is greater in regions with more effective enforcement and in firms with more...

Previous studies explain the gender earnings gap by gender differences in choosing competitive and higher-paying jobs. However, little is known about whether and how women's earnings are affected when they choose more challenging jobs. In this study, we use a novel identification strategy to...

We study how geographic distance affects bank regulatory monitoring and its flow on effect to borrowing firms' risk-taking. Using a sample of 304 Chinese commercial banks over the period 2007 to 2020, we find that banks monitored by a distant regulator take on additional risk in terms of lower...