Many environmental problems are caused by changes in aspects of the hydrological cycle. Water balance modelling combined with field experiments can give us a better understanding of the components of the hydrological cycle from which to develop appropriate management options. Water balance...

The North China Plain, including plains of the Yellow (Huaig He) River, Huai He River and Hai He River, has a very important political, economic and cultural position in China. Its population is 35%, its GDP 32% and its irrigated area 42% of the figures for the whole of China. The region is now...

In this paper, we investigate the design of optimal unemployment insurance in an environment with moral hazard and cyclical fluctuations. The optimal unemployment insurance contract balances the insurance motive to provide consumption for the unemployed with the provision of incentives to search...

We present a general equilibrium-mechanism design model with two-sided limited commitment that accounts for the observed heterogeneity in firms’ investment, payout and CEO-compensation policies. In the model, shareholders cannot commit to holding negative net present value projects, and...

We present a dynamic general equilibrium model with heterogeneous firms. Owners of firms delegate investment decisions to managers, whose consumption and investment decisions are private information. We solve the optimal contracts and characterize the implied general equilibrium. Our calibrated...

We present a dynamic general equilibrium model with heterogeneous firms. Owners of firms delegate investment decisions to managers, whose consumption and investment decisions are private information. We solve the optimal contracts and characterize the implied general equilibrium. Our calibrated...

Part I: China and the World. - 1. Thoughts on the Grand Change of World Politics and China's International Strategy / Wang Jisi (S.13). - 2. China and the World: Balance, Imbalance, and Rebalance / Guo Shuqing (S. 33). - 3. Global Management and China's Responsibilities / Li Daokui (S. 45). - 4....

The paper examines the impact and mechanism of statutory pension insurance contribution rates on firms' ESG performance. High contribution rates significantly reduce ESG performance, and our finding remains robust after robustness tests. We explain how social security contributions undermine ESG...

The Anti-Monopoly Law serves as a competition policy to correct market order, providing a favorable institutional environment for corporate governance. We use China’s listed companies and a difference-in-difference strategy to examine the impact of the Anti-Monopoly Law on executives’ excess...