How to soften resistance to state-building efforts by reform losers? This paper highlights the strategy of compensation via the bureaucracy, in which the ruler offers meaningful government offices in exchange for elites’ acceptance of state-building reforms. We empirically explore this...

A long intellectual tradition starting with Max Weber views an ideal bureaucracy as a completely rule-based system. However, the net effect of discretionary appointment compared with a rule-based approach is theoretically ambiguous. Exploiting a unique setting in China’s imperial bureaucracy,...

How does a society hedge the most atrocious states of nature? Survival cannibalism persisted across societies and until recently. We document that in historical China the Confucian clan, which acted as an internal financial market providing its members with the fundamental functions of finance...

How does a society hedge the most atrocious states of nature? Survival cannibalism persisted across societies and until recently. We document that in historical China the Confucian clan, which acted as an internal financial market providing its members with the fundamental functions of finance...

This research focuses on the direct and indirect systemic risk spillovers among East Asian, European, and the U.S. stock markets under the COVID-19 pandemic. Based on the GARCH-Copula-CoVaR model, we construct the direct spillover matrix of systemic risk and further explore the indirect...

In recent years, Cu has been regarded as an important element to improve the corrosion resistance of stainless steels. For duplex stainless steels, especially those obtained by cold rolling and annealing processes, no research report on the effect of adding Cu element has been found so far....

Differences in information between senders and receivers can result in inefficiency due to adverse selection or moral hazard. Therefore, one critical issue of organization design is how to induce truth-telling from the informed but biased agent by restructuring organizational forms. This study...

The flavor formation from glutamic acid (Glu)-galactose (Gal) Amadori rearrangement product (GG-ARP) during the thermal degradation was investigated. Compared with the volatile compounds in Glu-Gal Maillard reaction products (GG-MRP), pyrazines in the volatile compounds derived from GG-ARP were...