The 20th century witnessed the birth of modern family planning and its effects on the fertility of hundreds of millions of couples around the world. In 1979, China formally initiated one of the world’s strictest family planning programs-the "one child policy." Despite its obvious significance,...

Using plausibly exogenous variations in the ethnicity-specific assigned birth quotas and different fertility penalties across Chinese provinces over time, we provide new evidence for the transferable utility model by showing how China's One-Child Policy induced a significantly higher unmarried...

This paper examines the relationship between institutional holdings and dividend policy by jointly considering investment style and firms' growth opportunities. It helps to resolve the apparent low-dividend-preference puzzle in which institutional investors have higher holdings in...

Firms often use non-linear incentive systems to motivate workers to achieve specified goals, such as paying bonuses to reach targets in sales, production, or cost reduction. Using administrative data from a major Chinese insurance firm that raised its sales targets and rewards for insurance...