In this paper, we study the effects of entry deregulation on firm innovation, using the business registration reform in China as a case in point. Entry deregulation has negative impacts on patent applications, and the effects are more pronounced for larger firms and older firms. Firms spend more...

In this paper, I document three stylized facts on leaders, institutions, and re-election incentives, using cross-country data: (1) in democracies, the positive relationship between leaders' performance and their capability is significantly less pronounced in their last term, when they do not...

In this paper, I document two stylized facts on leaders, institutions, and economic development: (1) leaders in democracies have more experience than those in non-democracies; and (2) more experienced leaders lead to better economic performance in democracies and higher regime stability in...

In this paper, I examine the effects of China's civil examination system (keju) on modern-day innovation and firm dynamics. Using the variation in the density of jinshi (the highest exam qualification) and using the distance to the printing ingredients (pine and bamboo) as the instrumental...

Government intervention and firm dynamics are crucial for long-run growth. In this paper, we study the persistent effects of one of the largest state-led industrialization projects in human history---namely the Third-Front (TF) construction project---on firm dynamics: entry, exit, and...

In this paper, we examine how social networks among political leaders matter for state capacity. Using a unique data set covering the government work reports of city and central governments, we find that city leaders with hometown connections with Politburo Standing Committee Members implement...