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Employee Output Response to Stock Market Wealth Shocks

Teng Li, Wenlan Qian, Wei A. Xiong, Xin Zou, Sep 27, 2023

Exploiting individual-level data linking worker performance and stock investment, we show that a 10% increase in stock investment returns is associated with a decrease in the same investor’s work output by 3.8% in the following month.

Window Dressing in the Public Sector: Evidence from China’s Compulsory Education Promotion Program

Hanming Fang, Chang Liu, Li-An Zhou, Nov 15, 2023

We document public-sector window dressing behavior in China’s Compulsory Education Promotion Program during the 1990s. Window-dressing behavior has been well-documented in various organizations when an agent faces high-stakes incentives.