The potential connections between macroeconomic variables and the stock market becomes less straightforward for shares issued in one country but traded in another. Whereas past work has suggested that cross-listed stocks respond to country-specific sentiment factors in the location of trade, in...

Climate change shifts the distributions of a set of climatic variables including temperature, precipitation, humidity, wind speed, sunshine duration, and evaporation. Previous studies have predominantly focused on temperature and precipitation only, while ignoring other climatic variables. These...

Fine particle pollution is a major public health concern in China. This paper assesses China's potential population exposure to PM2.5 at the subdistrict level, the smallest census unit with public information. Using both ground-based measurements and satellite-based Aerosol Optical Depth...

The People's Republic of China, Japan, and the Republic of Korea have launched individual emission trading schemes to control greenhouse gas emissions cost-effectively. This paper reviews key carbon market design elements in the three countries in terms of emission allowances, covered sectors,...

We examine the impacts of China’s unconventional emission trading system (ETS), a rate-based tradable performance standard (TPS), on firm competitiveness. Our analysis takes advantage of the quasi-natural experiment created by China's regional ETS pilots and firm-level data on innovation and...

This article provides new evidence that fiscal decentralization has supported economic development by incentiving cities to provide more sewage infrastructure. As a result of the 1994 tax reform, Chinese cities retained different shares of their value-added tax (VAT). Exploiting the persistence...