Cheng, Maoyong; Meng, Yu; Jin, Justin Yiqiang; Nainar, … - 2022
The leadership vacuum caused by the absence of a political leader has a major impact on economies. We manually collect data on the absence of a political leader in 247 Chinese cities between 2009 and 2019 and find that firms reduce investment by an average of 2.326% for each month that the...