Financial globalization is an inherent feature of today’s economies. But the positive impact of financial globalization has been limited and some puzzling evidence has been found recently. To explain these puzzles, Stulz argued that finance is critically affected by Twin Agency Problems:...

In recent decades, losses resulted from natural disasters have dramatically increased and combined with a significant rise in the intensity and frequency of natural hazards, and in exposure. China is prone to multiple hazards and has experienced huge changes in its social fabric during the past...

The article explores how citizens may bargain for distribution in strong authoritarian regimes. Combining in-depth case study and the survey experiment approach, it finds that regimes’ pursuit of certain political priorities may enable unlawful bargaining, an increasingly popular form of...