The ground-breaking Black-Scholes-Merton model has brought about a generation of derivative pricing models that have been successfully applied in the financial industry. It has been a long standing puzzle that the structural models of credit risk, as an application of the same modeling paradigm,...

We estimate selection and sorting effects on the evolution of the private return to schooling for college graduates during China's between 1988 and 2002. We pay special attention to the changing role of sorting by ability versus budget-constraint effects as China's education policy has changed...

Developing and fast-growing economies have some of the worse air pollution in the world, but there is a lack of systematic evidence on the health especially morbidity impact of air pollution in these countries. Based on the universe of credit and debit card transactions in China from 2013 to...