工作论文 PAPERS
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Land Cronyism and Corporate Political Cycles in China
This paper measures the degree of industrial land subsidy to a firm using the ratio of the market value of land in the neighborhood to the price at which the firm purchased the land from the local government
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Predicting Recession Probabilities Using Term Spreads: New Evidence from a Ma...
The literature on using yield curves to forecast recessions typically measures the term spread as the difference between the 10-year and the three-month Treasury rates
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Does Outlawing Mandatory Retirement Reduce Public-Pension Benefit Claim?
Exploiting the 2011 abolishment of the mandatory-retirement provision that had allowed employers to force retirement of their 65-or-older employees in the UK, this paper estimates the effect of outlawing mandatory retirement on public-pension benefit
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Idiosyncratic Risk and Acyclically Increasing Public Debt
Understanding observed cyclical properties of public debt is important The existing theories predict that public debt is only countercyclical (i e , increasing in recessions and decreasing in booms)
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ICT Use, Cognitive and Non-cognitive Abilities, and Wages: Micro Evidence fro...
On determining wages in the labor market, recent scholarly attention has been drawn toward individual abilities and external technological environment, in addition to conventional human capital theory With the advancement of information and communication
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Family Ties and Employment Behavior: The Role of Financial Intermediaries
We study the interaction effect of financial intermediaries and family ties on people’s labor participation and employment type in China Although the effects of financial intermediaries and family ties on employment behavior have already been studied
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Coping with Air Pollution: The Role of Cognitive and Non-cognitive Abilities ...
Considered as a key component of human capital, mental health has drawn substantial scholarly attention for its effect on people’s health status and economic outcome When facing the challenge of stress, people’s heterogeneity in cognitive ability
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The Effect of Technological Imitation on Corporate Innovation: Evidence from ...
Technological imitation may play a crucial role in motivating firms to innovate However, theoretical predictions and empirical findings on the role of imitation have not yet reached a consensus
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Asymmetric peer effects in capital structure dynamics
Using a semiparametric smooth-coefficient partial adjustment model, this study finds evidence for asymmetric peer effects on capital structure adjustment speeds
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The Effect of Stock Liquidity on Debt-Equity Choices
We examine the effect of stock liquidity on a firm’s choice between debt and equity when funding its investment activities