The school quality often impacts housing prices in the urban districts. Shanghai's municipal government launched the school district household (SDH) policy in 2014 to curb the sharp rise in housing prices caused by high-quality schools. Based on the idea of natural experiment and...

Using consumer complaints filed with the Consumer Financial Protection Bureau as a measure for the quality of financial products and services, we document significant and robust differential impacts of COVID-19 on high vs. low minority communities. Relative to the pre-COVID period, the racial...

Promoting the intelligent transformation and green development in manufacturing is a vital part of building a modern industrial system. Therefore, the role of intelligent manufacturing in promoting the green development of firms is worthy of in-depth study. This paper takes the implementation of...

We examine whether climate-change risk affects firms’ cost of capital when firms can adapt to the risk. We find firms’ cost of long-term loans increases with sea level rise (SLR) risk, but this effect mainly holds among firms with high adjustment costs to the risk, i.e., firms for whom it is...

We posit that IPOs of local companies will lead to increased stock market participation. First, local IPOs attract attention to the market, through both increased information production and publicity. Second, local IPOs generate wealth, not just for people associated with the heretofore private...