This paper extends the Bayesian semiparametric stochastic volatility (SV-DPM) model of Jensen and Maheu (2010). Instead of using a Dirichlet process mixture (DPM) to model return innovations, we use an infinite hidden Markov model (IHMM). This allows for time variation in the return density...

We conduct a large-scale field experiment in China to investigate the effect of being of childbearing age on gender discrimination in the labor market. We send 35,713 fictitious resumes to real job postings on a major Chinese online recruitment platform for jobs in four leading cities, Beijing,...

With quantity-based innovation targets and subsidy programs launched since the mid-2000s, Chinese patents have seen a sharp increase in number, accounting for 46% of the world’s total patent applications in 2020; however, their overall quality has been steadily declining over time. This paper...

On the eve of its economic reforms, China achieved a much higher level of secondary education than other countries with a similar per capita income at the time. This study investigates the pre-reform formation of China's human capital by examining a massive rural education expansion program...

China has been both praised and criticized for using industrial policy to achieve its economic goals. Does industrial policy work for China? Particularly, are these industrial policies making the targeted Chinese firms more productive? Alternatively, are efforts to promote productivity undercut...

How does differences in the competitive inclination of ethnic groups contribute to economic disparity and how does the ethnic composition of a group affect competitive inclinations of individuals from different ethnicities? We experimentally investigate how ethnic composition affects the...

In this paper, we examine the effect of China's Natural Gas Transmission Project (NGTP) on air pollution. The NGTP is the pipeline network that connects to almost all provinces in China, providing clean energy for industry and households. We use satellite data to measure the country's air...