We study the high-speed rail (HSR) substitution for air travel through the demand shocks triggered by two HSR events: the launch of Beijing-Shanghai high-speed rails (the “Jing-hu” HSRs) and the Wenzhou train accident. One novelty of our data is that the HSR events are exogenous to the...

Agencies can reduce problems by adopting a governance structure of multiple large shareholders. However, multiple large shareholders may collude, thereby reducing the behavior that can create long-term value for the company. This paper uses a sample of companies listed on the Shenzhen and...

We estimate the effects of unobserved skills on labor market outcomes by investigating a change in the distribution of unobserved skills. Among people with the same levels of observed skills such as education and work experience, there are still disparities in labor market outcomes. since...