This study explores how a worsening bank credit quality affects firms¡¯ entry and exit decisions (i.e., changes in the extensive margin), and how the extensive margin variation amplifies the transmission of financial and technological shocks to the real economy. Using a vector autoregression...

To understand the effects of trade policy uncertainty on firm-level export decisions, we study firm-product data on Chinese exports to the U.S. in the years surrounding China’s 2001 WTO accession. Following predictions based on a model of heterogeneous firms, we provide empirical evidence that...

Firm entry dynamics are an integral part of the propagation of financial shocks to the real economy. A VAR documents that adverse financial shocks in the U.S. postwar period are associated with a fall in new firm creation and a fall in firm equity values. We propose a DSGE model with endogenous...

We use data on Chinese manufacturing firms to study the connection between individual firm imports and firm export outcomes. Since our panel covers the years 2002 to 2006, we can use changes in import tariffs associated with China's WTO entry as instruments. Our regression results show that...

The ecosystem services are material base and natural capital for sustainable development of human being. Valuation of ecosystem services is favorable for people realizing the importance of natural ecosystem to human being, and considering its long-term influence on sustainable development of...

We use data on Chinese manufacturing firms to study the connection between individual firm imports and firm export outcomes. Since our panel covers the years 2002 to 2006, we can use changes in import tariffs associated with China’s WTO entry as instruments. Our regression results show that...

Based on the previous research, a total of 10 risk indices are selected according to the specific situation in Sichuan Province, such as natural risk, resource constraint risk, internal management risk, capital risk, technical input and output risk, market risk, contract credit risk, property...