This paper develops a general framework to analyze the relationship between a firm's capital structure and its product market strategy and presents a taxonomy of whether debt makes a firm tough or soft in product market competition and how strategic considerations affect the leverage of a firm...

This paper analyzes whether China's investment and savings rates are too high by considering the rate of return to investment and other factors. It also investigates the reasons for the rapid increase in the savings rate by using various sources of data and analytical tools. In particular, much...

This paper analyzes the determinants of migration duration focusing on family composition and human capital. A utility maximization model is built to show that migrants face a trade-off between avoiding psychic costs from leaving family members and accumulating wealth to support their...