Export VAT refund rebate and export tax (EVRRET) measures have been adopted on energy intensive products in recent years in China. They are proclaimed to be climate policy, yet there is no explicit and unique carbon cost set on export - the implicit export carbon tax rates vary dramatically...

Prior research shows that financial reporting quality (FRQ) is positively related to investment efficiency for large U.S. publicly traded companies. We examine the role of FRQ in private firms from emerging markets, a setting in which extant research suggests that FRQ would be less conducive to...

On the basis of the bidding history of a panel of new eBay bidders, we examine the impact of different types of experiences on bidding behavior evolution. Accounting for unobserved bidder heterogeneity, the results indicate that losing experiences make the bidders' bidding behavior evolve toward...

Most empirical studies based on U.S. data suggest that the fiscal multiplier is less than 1 (e.g., Barro and Redlick, 2011). However, Keynes argued that the multiplier would be the largest when markets have failed to the greatest extent in coordinating economic activities (such as during the...

How to address managerial short-termism has been an important issue for companies, regulators, and researchers. In this paper we examine the impact of CEO contractual protection, in the form of employment agreements and severance pay agreements, on managerial short-termism. We find that firms...

This paper uses the Shapley Value decomposition technique to assess the factors behind the rise of inequality in China. It finds that, in many ways, inequality may have been an inevitable by-product of China's investment and export-led growth model. Between Chinese households, we find that the...

China's average household saving rate is one of the highest in the world. One popular view attributes the high saving rate to fast rising housing prices and other costs of living in China. This article uses simple economic logic to show that rising housing prices and living costs per se cannot...