We study the effect of the Thousand Young Talents Program (TYTP) on the academic quality of return migrant scientists to China. Using a unique dataset of the top Chinese mathematics departments' new hires, we find that the program leads to considerable increases in measures of their educational...

We review developments in research on within-country migration, focusing on internal migration in the U.S. We begin by describing approaches to modelling individuals' migration decisions and equilibrium outcomes across local areas. Next, we summarize evidence regarding the impact of migration on...

We study the effect of borrowing constraints in an assignment model of the housing market. When constraints apply symmetrically to all households, these lead to lower prices but unchanged housing consumption. When households can invest their own wealth and may differ in tastes, borrowing...

We examine the effect of directors with extended tenure on corporate innovation. Using a sample of U.S. firms from 2001-2006, we find that firms with a higher portion of directors with extended tenure are associated with significantly lower innovation productivity and quality, as manifested in a...

We study the effect of the Thousand Young Talents Program (TYTP) on the academic quality of return migrant scientists to China. Using a unique dataset of the top Chinese mathematics departments' new hires, we find that the program leads to considerable increases in measures of their educational...

We examine how existing public firms (“incumbent firms”) respond to the listing delays of their competitors. Using regulation-induced initial public offering (IPO) suspensions in China that expose firms already approved for an IPO to indeterminate listing delays, we find that, in response to...

Day-to-day traffic (DTD) dynamic systems have attracted much attention recently as a powerful tool to describe the evolution of network flows over time. A number of DTD models adopting various behavioral principles have been proposed, but for most of them, either their assumptions are introduced...

We examine the effect of directors' and officers' liability insurance (D&O insurance) on the behavior of independent directors and the effectiveness of their governance role. Using a unique dataset, we find a negative relation between D&O insurance and personal board meeting attendance by...

We examine the effect of a firm's accessibility to the United States Patent and Trademark Office (USPTO), captured by the firm's distance to it, on the materialization of the firm's innovation output. An increase in a firm's distance to the USPTO results in a longer time-to-patent-grant and a...

Foreign IPO firms incur higher issuance costs than domestic firms due to greater information asymmetry and ex ante valuation uncertainty. Little is known about how to overcome such liability of foreignness. This study, based on foreign-listed Chinese firms, shows that pre-IPO financing...