We show that firms collect more than 70% of their cash flow in the second half of the fiscal year, and firms that collect more cash by year-end earn a 6% higher per annum risk premium and save more cash. We rationalize these facts in a quantitative investment-based asset pricing model. Immediate...

This paper develops a systemic risk index for China (SRIC) using textual information from 26 leading newspapers in China. Our index measures the systematic risk from 21 topics relating to China’s economy and provides narratives of the sources of systemic risk. We examine the predictability of...

Long-term high consumption of refined grains is detrimental to human health. This study aims to assess the effects of dietary guidelines on healthy eating and provide policy insights for dietary structure transformation and healthy eating interventions by focusing on the microscopic effects of...

We study how leasing plays a novel role in improving total factor productivity (TFP) by facilitating entry and technology adoption. As a form of more collateralizable financing, leasing provides additional financing for investment required in a productive sector, and raises the expected...