This article is an attempt to defend the English rule that an anticipatory breach does not automatically give rise to a right of action for damages unless and until it is ‘accepted’. The article first explores the major arguments for and against the rule and finds that the rule is...

Using iterative experiments to uncover causal links between critical policy details and outcomes helps to optimize policy design. This paper studies a large-scale staged fiscal stimulus program conducted during the COVID-19 pandemic, in which a provincial government in China disbursed digital...

This comment highlights major civil or commercial (mostly contract) law provisions in 23 judicial documents newly released by the Supreme People’s Court or High People’s Courts in China in response to the outbreak of the COVID-19, and assesses the significance of key changes that they make...

We propose a new international monetary system based on carbon currency (the carbon standard) to tackle two pressing externalities in today’s global economic and political context: the dangerous and irreversible effects caused by unconstrained green-house gas emissions and the cost to the rest...

Oxygen is the most important energy source for sustaining life, especial for aquatic animal because of directly affecting the most of life activities of them. Frequently, dissolved oxygen fluctuates significantly in water result in hypoxic stress for fish. Importantly, it is extremely necessary...

Using rich and novel datasets from China, we establish cultural fractionalization as a shaper of distrust and examine the effect of cultural fractionalization on the efficiency of financial intermediation. Instrumenting cultural fractionalization with geographic conditions, we document robust...

Combining rich and novel datasets from China, we investigate how city-level cultural fractionalization affects social trust and the efficiency of financial intermediation. Using an instrumental variable approach, we find that cultural fractionalization significantly lowers the efficiency of...

Using municipal cities during China’s reform era as the setting, we investigate how different aspects of financial development affect resource misallocation in an integrated framework. Using different identification strategies, we find that local government-driven finance exacerbates the...

We show that executives in the Chinese listed firms make politically motivated investments to build political ties. We also find that excessive investments are more pronounced in firms that can benefit more from political connections (e.g., private firms and poorly governed firms). Although such...

High-tech firms are built much more on the intellectual capital of key personnel than on physical assets, and firms built around the best scientists are most likely to be successful in commercializing breakthrough technologies. As a result, such firms are expected to have higher market values...