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...

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...

School shutdown due to the global pandemic of coronavirus disease 2019 (COVID-19) can lead to an increase in education inequality through disproportionately affecting disadvantaged children. We use data from a unique survey of 7,330 junior high school students and their parents from Shaanxi to...

School closure during the COVID-19 outbreak could cause disruptions to parents’ labor market decisions. We use data from a unique survey on 1,354 junior high school students and their parents from Shaanxi province, China, to address this question. We find that this temporary shock that...

Despite the increasing adoption of environmental regulations in emerging economies, their socioeconomic impact has not been fully explored. This study evaluates the effects of a sulfur dioxide (SO2) control policy in China on industrial emission and production activities. The “Two Control...

We explore how cultural ties, measured by common language use, affect the quantity and performance of foreign investments originating in culturally related regions. To identify a causal relationship, we employ discontinuous increases in investments from Hong Kong and Macau in Mainland China at...