We study the role of multinationals (MNCs) in facilitating firm-level and aggregate structural transformation. Using a stylized model of multinational production and trade, we show that an inward multinational liberalization in the manufacturing sector raises employment in host country firms,...

We study the role played by Chinese state-owned firms during the US-China trade war. Based on measures constructed from Chinese firm-level customs microdata, we show that the presence of state-owned enterprises (SOEs) in Chinese imports led to a large negative impact on US exports in addition to...

In the last two decades, the world has witnessed the rise of Chinese innovation. China, once a manufacturing hub for the West, has become a major player in the development of many new technologies. We assess how foreign knowledge spillovers spurred this transformation. To this end, we assemble a...

During the 2018-2019 trade war, U.S. exports have been affected by foreign retaliatory tariffs, U.S. import tariffs that act through input-output linkages, and policy uncertainty. We establish, first, that the large negative impact of foreign tariffs on U.S. exports is highly heterogeneous...

We study the impact of the 2018-2019 trade war between the US and China on US exports, focusing on the role played by a set of overlooked institutional features that characterize the bilateral trade relationship. Our main emphasis is on Chinese state--owned firms. Based on measures constructed...

Despite the dominance of retail investors in the Chinese stock market, there's a conspicuous absence of price momentum in weekly and monthly returns. This study uncovers the presence of price momentum in daily returns and, through a systematic analysis of trading heterogeneity among investors,...

Coal heating in residential homes is an important source of indoor air pollution, leading to detrimental health effects. We conduct a randomized field experiment in northern China using three types of SMS campaigns targeting three potential biases that may hinder the adoption of electric...

This paper studies how investing in venture capital (VC) affects the entrepreneurial outcomes of individual limited partners (LPs). Using comprehensive administrative data on entrepreneurial activities and VC fundraising and investments in China, we first document that individual LPs, on...