Firms have trouble issuing new bonds during financial market meltdowns. However, an intriguing yet often overlooked fact is that many firms also engage in debt buybacks at the same time. In this paper, we build a dynamic model to study the incentives for equity holders to buy back the debt. The...

This research uses a difference-in-differences framework to investigate the effect of new risk information on housing prices in Taiwan. The result shows that this information changed individual's subjective risk perception, so housing prices in the highest risk area only temporarily dropped in...

We utilize shopping receipt lotteries that almost every shopper participates in and complete administrative data in Taiwan to examine the effect of cash windfalls on stock market participation. The advantage of using receipt lottery winning is its immunity from the sampling biases that may limit...

In this paper we study how differences in the quality of countries' institutions affect the impact of natural hazards in these countries. To do so, we first build a new data set that allows us to adequately control for countries' development and geological characteristics and, importantly,...

Through analyzing panel data of city leaders from China, this study shows that economic performance is negatively correlated with probability of promotion if the city leader is not politically connected with provincial leader. The correlation becomes positive if the city leader establishes...

Using earthquakes as exogenous demand shocks to the credit market, we explore whether fintech lending can complement traditional banks in face of surged credit demand under a continuous difference-in-differences framework. We find that fintech loans increases significantly after earthquakes,...

Using the 2003 initial impoundment of the world's largest hydroelectric dam as a natural experiment, we assess how rural households with varying endowments adapt differently to the dam-induced water scarcity in the downstream area. In response to a 13\% reduction in rice yields, those who are...