This study investigates whether and how FinTech influences intermediation and stability of banks with a focus on the competition between FinTech companies and banks in the deposit market. Using proprietary data from a leading Chinese FinTech company, we study a money market fund with...

This study investigates whether and how FinTech influences retail banking and the effectiveness of monetary policy transmission, with a focus on the competition between FinTech companies and banks in the deposit market. Using proprietary data from a leading Chinese FinTech company, we study a...

This paper investigates whether social security contributions affect corporate financing decisions. Treating the 2011 Social Insurance Law in China as a quasi-natural experiment, our difference-in-differences framework utilizes two-dimension variations: initial social security contribution rates...

In this paper, we analyze how a change in the labeling (guideline) regarding exposure to air pollution affects the consumption of respiratory medicine. In 2018, the Government of South Korea changed air pollution warning standards to a level that was more severe than it was in reality and as...

We investigate the effects of attending a single-sex high school on future labor market outcomes through use of a randomized natural experiment. South Korean students are randomly assigned, by lottery, to single-sex or co-educational schools within their school districts. Using a large set of...

Does political alignment affect tax evasion rates? Theoretically, a better attitude toward the government could lower motivation for tax evasion through the reciprocity concept in tax morale, and if political alignment is correlated with attitude toward government, then political alignment is...