We propose new empirical evidence on the negative relationship between state ownership and firms' financial constraints. Our finding supports for the diminishing effect of market transition on political connections valuation in the context of 1,809 Chinese listed companies over 1999-2015. We...

This paper examines the effects of high school curriculum reforms on infant health by exploiting sharp and staggered changes across states in core course requirements for graduation. Our results suggest that curriculum reforms significantly reduced the incidence of low birth weight and...

We show that bank risk rises, particularly for larger banks and those with greater interest-sensitive liabilities, during times of economic policy uncertainty through two economic channels: ‘credit rationing’ and ‘revenue diversification’. The credit rationing channel shows that economic...

Drawing on a comprehensive sample of listed firms across 33 countries from 1997 to 2014, our findings reveal a negative association between liquidity and corporate innovation, indicating that higher liquidity leads to a reduction in the number of patents and patent citations. These results...