This paper examines the impact of technological innovation on the role of labor within listed manufacturing companies during China's final stage of industrialization, from a factor input structure perspective. Leveraging a balanced panel dataset from 2012-2021, we find that the rising R&D...

What are the social-economic consequences of financial market bubbles and crashes? Using novel comprehensive administrative data from China, we document a substantial increase in inequality of wealth held in risky assets by Chinese households in the 2014-15 bubble-crash episode: the largest 0.5%...

We identify a group of "suspicious" firms that use stock splits--perhaps, along with other activities--to artificially inflate their share prices. Following the initiation of suspicious splits, share prices temporarily increase, and subsequently decline below their pre-split levels. Using...