This paper examines the effects of economic policy uncertainty shocks on stock-bond correlations for the US market. We devise a general framework which distinguishes a positive shock from a negative one and nests either as its special case. The results show that innovations in the policy...

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...

Since the Tax Sharing Reform in 1994, the local government revenue of the People's Republic of China (PRC) has faced downward risk problems. This paper reviews the fiscal and taxation reforms in the central and local governments of the PRC and focuses on evaluating the effectiveness of fiscal...

This paper studies human-capital spillovers and its persistence by exploiting a unique event in modern Chinahe send-down movement. From 1962 to 1979, the Chinese central government mandated the temporary resettlement of roughly 18 million urban youths to rural areas across the country. The...

We evaluate the effects of a Chinese accelerated depreciation policy that occurred in 2014 on firm investment. We present three findings. First, on average, the policy increased firms' investment in eligible capital, especially the purchase of equipment and machines. Second, the policy effects...

This paper estimates the effects of the send-down movement during the Cultural Revolution---when about 16 million urban youth were mandated to resettle in the countryside---on rural education. Using a county-level dataset compiled from local gazetteers and population censuses, we show that...

This paper studies how dynamic changes in the search environment affect consumer search and purchase behavior. We develop a dynamic model that incorporates a non-stationary search environment and propose a feasible estimation procedure to estimate its parameters. We apply our model and...

Considering the strong gambling preference of retail investors in emerging markets and using the data of Chinese A-share listed companies from 2000 to 2018, this paper constructs an index of investor's gambling preference based on the theory of explicit preference and develops a factor model to...