Purpose The purpose of this paper is to examine whether and how the extent of religion in a firm’s social environment affects corporate innovation and innovation efficiency from the perspectives of religion-related risk aversion and religion-based social norms. Design/methodology/approach...

We incorporate terms-of-trade externality into a small open economy featuring an incomplete market, sterilized intervention, and capital controls as in Chang et al. (2015), and we highlight the central banks reaction to exchange rate movement. Our calibrated model using data from China shows...

Chinese Interbank Foreign Exchange trading was originally conducted through a centralized, anonymous limit order book (LOB). We determine the impact of the introduction of a parallel decentralized over-the-counter (OTC) market. We find that: (1) most trading migrated to the OTC, (2) the LOB...

This paper examines the effects of economic integration resulting from highway construction on aggregate productivity and the spatial distribution of industries. To do so, I construct a unique dataset of bilateral transportation costs between Chinese cities, digitized highway network maps, and...

We quantify the causal impact of human mobility restrictions, particularly the lockdown of Wuhan on January 23, 2020, on the containment and delay of the spread of the Novel Coronavirus (2019-nCoV). We employ difference-in-differences (DID) estimations to disentangle the lockdown effect on human...