Using transaction-level trade data from China Customs and loan data from the China Development Bank (CDB), we analyze how government-subsidized credit in China affects its exports and the economic activities in the U.S. We find that CDB credit to strategic industries at the top of supply chains...

The disruption of sharing economy services to incumbent firms has attracted growing attention. Yet, the literature is silent on how incumbents respond to the rivalry and the resulted consequences. We investigate incumbent hotels' adjustment on quality after home sharing's entry using management...

When Adam Smith wrote the Wealth of Nations in 1776, he concluded that individuals, firms, and nations obtain comparative advantage by specialization. Markets worked as the invisible hand to efficiently allocate resources between specialized parties. During the Industrial Revolution,...