The subprime mortgage crisis of 2007-2008 has led major economies to reform their credit rating regulations, and China is not an exception. This paper employs a difference-in-difference research design to investigate whether reputational capital affects credit rating agencies. The first...

Despite the rise of targeted input subsidy programs in Africa over the last decade, several questions remain as to whether low and variable soil fertility, frequent drought, and high fertilizer prices render fertilizer unprofitable for large subpopulations of African farmers. To examine these...

This study examines whether marriage, as a social construct and cultural norm, could affect firm-level stock price crash risk. We find that firms managed by married CEOs are associated with lower future stock price crash risk, after controlling for a set of firm characteristics and CEO traits....

How quickly can we expect human mobility to resume to pre-pandemic levels after lockdowns? Does pandemic severity affect the speed of post-lockdown recovery? Using real-time cross-city human mobility data from China and a difference-in-difference-in-differences framework, we find that mobility...

Decomposing inflation into core and non-core components (e.g., energy) sheds new light on the nature of inflation risk and risk premia. While stocks have insignificant exposure to headline inflation in the U.S., their core inflation betas are negative and energy betas are positive. Conventional...