Can bank competition help attenuate the prevalence of zombie firms? Motivated by a stylized model, this paper studies the effect of bank competition on the formation of zombie firms in two stages: the formation of distressed firms and distressed firms obtaining zombie lending. Using China’s...

Based on a unique dataset of carbon emissions in China’s 2527 counties during 2008-2019 and 1.5 million firms’ energy use from National Tax Survey Dataset, we take advantage of the two rounds of accelerated depreciation policy for fixed assets in 2014 and 2015 in China as natural experiments...

This paper studies the relationship between firms’ excess capacity and their environmental behavior by matching the environmental data of China’s major iron and steel firms with the Chinese Industrial Enterprises database. The findings are as follows. (1) A firm’s excess capacity leads to...

Let , i=1,2, be two independent sub-fractional Brownian motions with respective indices Hi[set membership, variant](0,1). We consider the so-called collision local time where [delta] denotes the Dirac delta function. By an elementary method we show that lT is smooth in the sense of Meyer and...

We define a stochastic integral with respect to sub-fractional Brownian motion SH with index H∈(0,12) that extends the divergence integral from Malliavin calculus. For this extended divergence integral, we establish versions of the formulas of Itô and Tanaka that hold for all H∈(0,12).

Using unique matched employer-employee data from China, we discover that migrant workers in the manufacturing industry who are proficient in the local dialect earn lower wages than those who are not. We also find that workers with better dialect skills are more likely to settle for lower wages...

Agriculture is an important area of Chinese economic engagement in Africa. Since the 1960s, China has provided aid, sent experts, and trained African farmers. However, there is still little empirical research on recent Chinese agribusiness investments in Africa. Drawing on case studies of a...

This paper by Jiao Yang presents the results of field research examining local engagement and impact on local communities by a Chinese company and an American company operating in Ghana. Golden Sunshine Mining Company Ltd., a large-scale Chinese gold mining corporation is a relatively young...

It is widely recognized that African Americans have a higher level of mistrust towards the medical and health care sector, which results in insufficient utilization of public health services, low participation in clinical research, and vaccination hesitancy. While the Tuskegee Syphilis Study has...