This paper studied the impact of education investment on regional poverty alleviation of Yunnan's poor counties, especially the dynamic constraints and marginal benefits of education input. This paper takes 30 poor counties in Yunnan province from 2007 to 2020 as the research object. A double...

Since the outbreak of COVID-19 pandemic, trillions of used face masks have caused serious environmental pollution, biological risk and energy waste due to improper disposal. It is highly necessary to disinfect and recycle the used masks. In this paper, we first studied a sustainable vacuum...

Exploiting the heterogeneity in legal constraints on local bank employees' mobility, I show that access to local information influences banks' modes of expansion. Banks entering a new market typically establish new branches directly when interbank labor mobility is less restrictive but acquire...

This paper studies whether knowledge protection affects shareholder value and firms' investment in knowledge assets using the staggered adoptions and rejections of the inevitable disclosure doctrine (IDD) by U.S. state courts as exogenous changes in the level of knowledge protection. We find...

Through the lens of credit risk ratings, we investigate how banks determine loan terms under capital constraints. Using a unique and comprehensive supervisory dataset of individual corporate loans in the US, we show that unexpected adjustments to banks' internal rating systems, which only alter...

We investigate bank relationships in a rarely-considered context – consumer and small business credit cards. Using over one million accounts, we find during normal times, consumer relationship customers enjoy relatively favorable credit terms, consistent with the bright side of relationships,...

We investigate how relationship borrowers fare relative to others in loan contract terms (spread, collateral, maturity, amount) during times of need using the COVID-19 quasi-natural experiment. COVID-19 is superior for such analysis because it primarily affects borrowers rather than banks. Our...