It is well documented that IPO stock prices decline without reversals around lockup expirations, creating a novel setting to examine the impact of option trading on stock price efficiency. I find that optionable IPO stocks' prices experience significant declines prior to lockup expirations,...

This paper aims to examine whether property rights protection can enhance firm innovation. To address the endogeneity problem and establish a causal relationship, we adopt the establishment of Intellectual Property Tribunals (IP Tribunals) in China as a natural experiment and employ the...

Offensive humor, underpinned by jokes that stir emotional responses and instigate conflicts, represents a burgeoning research domain within pragmatics and digital communication. This study delineates an innovative exploration of offensive joking within Chinese social milieus, presenting insights...

Tailings ponds are the final storage site for tailings associated with mine extraction and metal smelting. Even though they play an important supporting role in mineral excavation and utilization and related industrial development, they are also considered to be a major source of environmental...

This paper tries to analyze two questions in economic history. The first is why the Asian countries failed to achieve the industrial revolution, but Western Europe did. The second one is to analyze the role of public education in the economic transition. I also apply the model to explain why the...

This paper builds a simple model to explain why relative high wage level in the Europe could cause the industrial revolution, and role of public education system in accelerating the economic growth. Different from the previous research, the reason for the high wage shift would lead to the...

The Black Death killed 30%-50% of Europe’s population between 1347-1352 and surged wages.The high wages aftermath was persistent, especially in Northwestern Europe. Using the culturetransmission channel, this paper explains why high wages could persist in Northwestern Europe.Parents with...