This paper analyzes why an entry regulation that generated large rents was abruptly abolished. We argue that the rents supporting the regulation dissipated because a new technology encouraged illegal entry by raising the cost of enforcement. In 1998 China introduced a licensing system for the...

The objective of the paper is to introduce a conceptual framework for the study of learning behavior of an individual investor in the context of stock trading. It is developed based on the review of behavioral finance literature, and insights from cognitive, behavioral and social learning...

The deep integration of digital technology with the real economy has reconstructed production systems. We explore the impact of digital technology on the resource allocation behavior and efficiency of manufacturing enterprises. Using a sample of Chinese A-share listed manufacturing firms over...