As the world's largest energy consumer, it is worth exploring how China can achieve high-quality energy development. This paper aims to assess the role of green finance development in China's high-quality energy development (HED). We develop two indicator systems to measure the level of...

We investigate the competition between banks according to an evolutionary model, in which the payoff gradient depends on a time-variant technological innovation factor. The explicit solutions of equilibrium strategies are derived via the method of characteristics. Advantageous technological...

We explore the impact of the lottery enrollment policy, which aims to promote equal and affordable education but introduces private school enrollment uncertainty in China. Using residential housing transaction data from the largest real estate agent in Chengdu during 2018-2020 and controlling...

We develop a firm-dynamics model with moral hazard, which arises because some productivity shocks are privately observed by firm managers only. We characterize the optimal contract and its implications for firm size, growth, and managerial pay-performance sensitivity, which allow us toquantify...

We extend the neoclassical investment model Hayashi (1982) to allow for limited commitment on compensation contracts. We consider three types of limited commitment: i) managers cannot commit to compensation contracts that provide lower continuation utility than their outside options; ii)...

The Anti-Monopoly Law serves as a competition policy to correct market order, providing a favorable institutional environment for corporate governance. We use China’s listed companies and a difference-in-difference strategy to examine the impact of the Anti-Monopoly Law on executives’ excess...

We attempt to examine the impact of the social security contributions on firms' market performance in the context of the 2010 Social Security Act. Using a sample of Chinese A-share listed firms, we use a difference-in-difference strategy to identify a causal relationship between the impact of...

This study investigates alma mater tourists' motivation and experience through semi-structured interviews. We propose that one's tertiary educational institution serves as a Home of Exploration between one's Home of Origin and Home of Procreation. This Home of Exploration occupies a liminal...

The paper examines the impact and mechanism of statutory pension insurance contribution rates on firms' ESG performance. High contribution rates significantly reduce ESG performance, and our finding remains robust after robustness tests. We explain how social security contributions undermine ESG...