The recent wave of tech sector layoffs has highlighted concerns about worker protection from abrupt job loss. This paper introduces a new quasi-natural experiment, the state Worker Adjustment and Retraining Notification Act, which reflects these concerns by mandating advance notice to displaced...

Using the SEC’s 2004 decision to begin publicly disclosing its comment letters, we study the consequences of increased regulatory transparency on the banking industry. Because the SEC only issues comment letters to public banks, we exploit a difference-in-differences design to examine the...

The 2012 tax reform in China linked the dividend tax rate to investors’ share holding period, with a lower rate corresponding to longer holding. Using account-level data for which we know exactly the timing, size, directions, and prices of retail investors’ trades, we document that the...

On March 31st, 2023, the Italian data protection authority found that ChatGPT violated data protection laws and banned the service in Italy, providing a natural experiment to assess the economic consequences of generative AI. Leveraging this event, we show that Italian firms with greater...

We present a two-stage scheduling approach including proactive and reactive scheduling to solve the ground resource scheduling problem with uncertain arrival time. In the first stage, an integer programming model is constructed to minimize the delay and transfer costs. After solving this model,...

This paper examines the network effect of information acquisition due to a borrower default. We find that a borrower default is associated with an increase in information acquisitions for non-defaulting borrowers that share the same relationship bank. Such an effect is stronger when the lending...

We use the audit industry in China as a laboratory to examine the role of control right allocation on individual auditors’ incentives when balancing coordination and local information acquisition. Relying on proprietary information of internal control right allocations, our tests reveal that...

Our study leverages detailed résumé data of bank regulators to examine the impact of their early-career experiences with the S&L crisis during the 1980s and 1990s on banking supervision in their later careers. We find regulators with banking crisis experiences in their early careers are...