Recent years have seen a sustained decline in the labor share around the world. This paper studies this trend by focusing on the effect of corporate income taxes on firm-level labor shares. From 2010 to 2013, the Chinese central government cut the corporate income tax rate in 21 cities for...

Cost stickiness measures the degree of suboptimal cost reduction in response to a decline in a firm's activity. This study examines the role of institutional monitoring in addressing the value-decreasing cost-stickiness problem exhibited in many firms. Using alternative proxies for institutional...

This study uses a large sample of Korean firms to examine institutional blockholders' influence on corporate earnings management. The Korean market is an interesting setting to study institutional monitoring because it is dominated by chaebols, which are characterized by ineffective internal...

International travel is a key channel of international knowledge diffusion and has been hypothesized to shape large cross-country differences in productivity and income. However, evidence supporting this hypothesis, especially from developing countries, remains scarce. This paper examines the...

This paper empirically examines the role of radical grain yield targets in triggering China's Great Famine (1959-1961), one of the largest man-made catastrophes in human history. Starting from 1958, the Chinese central government assigned different grain yield targets to most counties based on...