中文目錄
1.退出 VS 發(fā)聲
2.所有權(quán)分離與信息
3.未觀測網(wǎng)絡的內(nèi)生社會互動
4.企業(yè)進入、退出和成長的文化根源
5.社會階層和（非）倫理行為
6.中國商業(yè)信用的動態(tài)演變

1.Exit vs. Voice（JPE2022）

We study the relative effectiveness of exit (divestment and boycott) and voice (engagement) strategies in a world where co mpanies generate extemalities and so me agents care about the social impact of their decisions. We show that if the majority of investors are even slightly socially responsible, voice achieves the socially optimal outco me. In contrast, exit does not unless everybody is significantly socially responsible. If the majority of investors are purely selfish, exit is a more effective strategy. but neither strategy generally achieves the first best. We also sho w that exit can sometimes reduce social welfare.

2.Separating Ownership and Information（AER2022）

This paper identifies an upside of the separation of ownership and control, typically the source of inefficiencies in the theory of the firm. Because insiders obtain private information by exercising control, the separation of ownership and control leads to a separation of ownership and information. We show that this separation is necessary for efficient trade in the market for corporate control. The analysis reveals how strategic communication between inside and outside shareholders facilitates takeovers by eliciting external bidders’ private information. Our results call into question mandatory disclosure requirements during takeovers.

3.Endogenous Social Interactions with Unobserved Networks（RES2022）

We present a model of endogenous network formation to recover unobserved social networks using only observable outcomes. We propose a novel equilibrium concept that allows for a sharp characterization of equilibrium behaviour and that yields a unique prediction under testable conditions. While the equilibrium is characterized by a large number of non-linear equations, we show that it can be efficiently employed to recover the networks by an appropriately designed approximate Bayesian computation method. We apply the model to recover the network of social links between lawmakers in the U.S. Congress using data from the 109th to 113th legislatures. We show that social connections are important for legislators’ productivities, and we identify some of the key determinants of network centralities in the U.S. Congress.

4.The Cultural Roots of Firm Entry, Exit, and Growth（EJ2022）

Can culture explain persistent differences in economic activity among individuals and across regions? A novel measure of cultural origin enables us to contrast entrepreneurial activity of individuals located in the same municipality but whose ancestors lived just on opposite sides of the Swiss language border in the 18th?century. Individuals with ancestry from the German-speaking side create 20% more firms than those with ancestry from the French-speaking side. These differences persist over generations and independent of the predominant culture at the current location. Yet, founders’ ancestry does not affect exit or growth of newly-founded firms, suggesting that preferences are pivotal.

5.Social Class and (Un)Ethical Behaviour: Causal and Correlational Evidence（EJ2022）

Are individuals of higher socio-economic status less ethical than those of lower status? Highly popularised research findings claim that this is the case. This paper provides evidence against this claim, based on data from two large survey experiments with more than 11,000 participants. We prime social status in two heterogeneous samples of the German population and then elicit ethical behaviour in an incentivised experimental task. Thus, our data allows us to study both correlation (using demographic data) and causality (using the priming). Our study rejects the claim that higher social status individuals are less ethical on both accounts.

6.Dynamics of Trade Credit in China（EJ2022）

We use Chinese manufacturing data to show that upstream manufacturing industries received higher credit during the monetary expansion of 2005-2011. However, the higher credit received by upstream industries did not generate a similar increase in ‘trade lending’ to downstream industries, which limited the transmission of the credit expansion to the whole manufacturing sector. We develop a model that formalizes some of the key features of the Chinese economy and show why a credit expansion tilted toward the upstream sector may not fully cascade to the whole economy.