Using a difference-in-difference-in-differences (DDD) strategy, we study the effects of simultaneous water and air pollution regulations on firms' emission behaviors and explore the driving forces behind their responses. We show that in China's eleventh Five-Year Plan (FYP), there exists a...

This paper investigates whether the Broadband Initiatives Program (BIP), implemented as part of the American Recovery and Reinvestment Act of 2009 (ARRA) had an impact on farm productivity, defined as per capita farm sales, in the counties that received any BIP funding. Appropriate techniques...

I construct a 300-year monthly testing sample for the UK market and study the return predictability in both the UK and the US. I conduct out-of-sample tests with 312 prediction setups based on 23 popular predictors, 3 model updating windows, and 3 common forecast combinations. Over the long run,...

With new annual data of 16 developed countries across bond, equity, and housing markets, I study the return predictability using the payout-price ratios, i.e., coupon price, dividend price, and rent price. None of the 48 country-asset combinations shows consistent in-sample and out-of-sample...

We analyze the relationship between insider trading density and the future stock returns in Chinese listed companies. We introduce a new aspect of the trading pattern, insider trading density, to investigate the information advantage held by insiders. Insiders who trade at a low density during...