International finance law keeps the tradition of “soft law” standards even after the 2008 financial crisis. This status quo derives from concerns over sovereignty and regulatory uncertainty. Although soft law has merits in pragmatic rule making and flexible rule implementation, soft law is...

Firms exhibit persistence in innovation output. This paper focuses on the role played by individual inventors. Compared to firm organizational capital, human capital embedded in inventors explains a majority of the variation in innovation performance but much less in innovation style. Inventors...

I use proprietary insurance claims data covering over 60% of individuals with private health insurance in the United States to study the impact of private equity (PE) hospital buyouts on hospital price negotiations, health spending, and patient welfare. I structurally estimate a model featuring...

Leveraging the detailed project-level data on biotech startups and their IPO records, this paper studies how adverse selection in capital markets affects financing decisions of entrepreneurs and firm values. By structurally estimating a dynamic model that features strategic experimentation and...

Approximately 38.4% of men and women will be diagnosed with cancer at some point during their lifetime. This paper investigates the impacts of financing frictions on the longevity of cancer patients. We first document that an increase in house price causes a large improvement in patients'...

The practice of burning agricultural waste is ubiquitous around the world, yet the external human capital costs from those fires have been underexplored. Using data from the National College Entrance Examination (NCEE) and agricultural fires detected by high-resolution satellites in China during...