We study a panel data model with general heterogeneous effects, where slopes are allowed to be varying across both individuals and times. The key assumption for dimension reduction is that the heterogeneous slopes can be expressed as a factor structure so that the high-dimensional slope matrix...

It has been well known in financial economics that factor betas depend on observed instruments such as firm specific characteristics and macroeconomic variables, and a key object of interest is the effect of instruments on the factor betas. One of the key features of our model is that we specify...

Research has paid scant attention to reparative behavior to compensate for unintended wrongdoing or to the role of emotions in doing the right thing. We propose a new approach to investigating reparative behavior by looking at moral emotions and psychological proximity. In this study, we compare...

Weak capacity to enforce regulations and sanction violators, and an emphasis on economic growth in developing countries has led to concerns about worsening environmental conditions and the potential for these countries becoming pollution havens for multinational corporations. International...