This paper investigates the worldwide phenomenon of "political divergence'' between the East and the West. During the 8th to 10th centuries, Western Europe and China both achieved political stability, but they did so through dramatically different routes. Western Europe developed parliamentary...

This paper studies the peer effect of iPhone adoptions in China. We use a unique data set of iPhone adoption records from a provincial capital city in China, in a span of over four years starting from iPhone's first introduction to mainland China. We construct a social network using six month's...

We exploit a unique dataset of country-specific military expenditures and construct a proxy for international instability, measured as the growth of the global military expenditure to GDP ratio, to capture political tensions and international conflicts. Using the market indices of 44 countries,...