The Great Leap Forward (GLF) disaster, characterized by a collapse of grain output, and the associated famine in China between 1959 and 1961, can be attributed to a systemic failure in central planning. Encouraged by unrealistic expectations for agricultural productivity gains from...

China has experienced rising wage inequality due to rising relative demand for skilled labour. In this paper, we use a sample of 1,500 firms to investigate the impact of trade and technology on China's rising skill demand. We find that export expansion had a negative direct effect...

Purpose: Enterprises often use anthropomorphic images to display products. In this study, by discussing the differences of the anthropomorphic images of juxtaposition and fusion, the authors can distinguish the boundary conditions of the influence of different visual object structures on...

A sender may communicate with a decision maker through intermediaries. In this model, an objective sender and intermediary pass on information truthfully, while biased ones favor a particular agenda but also have reputational concerns. I show that the biased sender and the biased intermediary's...

We investigate the daily dynamic relation between returns and institutional and individual trades in the emerging Chinese stock market. Consistent with the hypotheses of trend-chasing and attention-grabbing trading, we find that the response of individual trading to return shocks is much...

In the presence of transaction cost, the ‘perfect’ timing strategy which holds stocks in a period with positive excess return and holds cash in a period with negative excess return is not necessarily perfect. Using the optimal growth criterion, this paper derives the truly perfect timing...

The effectiveness of China's incremental industrial reform between 1980--89 is empirically investigated using a panel data set of 769 state enterprises from 36 2--digit industries. I derive and apply a method that measures marginal products of factors, changes in total factor productivity (TFP),...

Detailed transaction and price data from 769 Chinese state-owned enterprises reveal that corruption --- official diversion of under-priced in-plan industrial goods to the market --- was pervasive in China between 1980 and 1989. More important, corruption has a significant impact on the...