Abstrat:We study one particular type of multivariate spatial autoregression (MSAR) model with diverging dimensions in both responses and covariates. This makes the usual MSAR models no longer applicable due to the high computational cost. To address this issue, we propose a factor-augmented spatial autoregression (FSAR) model. FSAR is a special case of MSAR but with a novel factor structure imp...

Nov 4, 2025

Abstrat:The mechanism for data traffic pricing critically impacts the content provision decisions of data-intensive applications. We analyze the implications of sponsored data services on content quality, the profits of content providers (CPs) and Internet service providers (ISPs), consumer surplus, and social welfare using a game-theoretical model. By endogenizing CPs’ content quality decisio...

Oct 28, 2025

*The 15th Five-Year Plan has given top priority to building a modernized industrial system and reinforcing the foundations of the real economy, Zheng Shanjie, head of the National Development and Reform Commission, said at the press conference.*China aims to achieve greater self-reliance and strength in science and technology, and steer the development of new quality productive forces during th...

Oct 27, 2025

BEIJING, Oct. 23 (Xinhua) -- China's development roadmap for the next five years has begun to emerge following the conclusion of a key Party meeting on Thursday, with fresh policy pledges poised to reaffirm the country as a crucial anchor of stability and source of opportunities for the global economy.At the four-day meeting -- the fourth plenary session of the 20th Central Committee of the Com...

Oct 27, 2025

Abstrat:We study how the market for technology (facilitated by the establishment of patent exchanges in China) affects innovation specialization. We find that the market for technology induces (i) specialization between patent buyers and sellers, (ii) specialization between patent licensors and licensees, and (iii) specialization based on a firm’s R&D efficiency. All these three specialization...

Oct 10, 2025

Abstract:Social media, on which signals are often correlated, has become a primary source of information.How do people form beliefs when reading correlated signals online? In a field experiment on Weibo, we exposed Chinese college students to redundant negative posts about civil service jobs. Consequently,students developed a 0.16 standard deviation more negative view of these jobs and were 11%...

Sep 25, 2025

Abstract:Locus of control (LOC) has been recognized as a key individual disposition shaping employee behavior; however, its relationship with risk-taking behaviors such as prohibitive voice remains inconclusive. This research extends the literature by theorizing and testing a U-shaped relationship between LOC and prohibitive voice. Drawing upon the demands-abilities fit framework, we propose th...

Sep 13, 2025

Abstract:In their recent work, Rintamäki, Parker, and Spicer (2025) introduce a distinct type of devious actors, “institutional parasites,” and offer an insightful framework for understanding the impact of these individuals on institutional change. They conceptualize institutional parasites as initially supportive of an established institution but detrimental to it over the long term. They al...

Sep 5, 2025

On May 28, 2025, Xiaohong Chen, Malcolm K. Brachman Professor of Economics at Yale University, Member of the American Academy of Arts and Sciences and the first China-based Fellow of the Econometric Society, presented her research at Peking University Guanghua School of Management's "Distinguished Scholars Forum."

Aug 14, 2025

Abstract：We examine the information asymmetry between local and nonlocal investors with a large dataset of stock message board postings. We document that abnormal relative postings of a firm, that is, unusual changes in the volume of postings from local versus nonlocal investors, capture locals' information advantage. This measure positively predicts firms' short-term stock returns as well as ...

Jul 7, 2025