Fuel economy standards have been implemented worldwide to improve the fuel efficiency of vehicles for decades, while the attribute-based design provides regulatory loopholes for automakers’ compliance. Based on detailed vehicle model-level data in China, a bunching analysis is used to explore...

Using four decades of data, we provide novel evidence that the increasing interstate synchronization of house price growth leads to higher business cycle alignment across U.S. states. The relation is stronger between states with similar banking development and in non-tradable sectors, and is...

We find that the cultural distance between the CEO and a firm’s directors increases the sensitivity of CEO turnover and compensation to performance while enhancing shareholder value. This effect is concentrated in the cultural distance between the CEO and independent directors. More culturally...