We thank Jingting Fan, Amit Khandelwal, Nancy Qian, Junji Xiao, Xiaohu Wang, Hongsong Zhang, and seminar participants at Columbia University, a Becker-Friedman Institute conference at University of Chicago, Fudan University, Jinan University, Peking University, Renmin University, Sun Yat-sen University, Tsinghua University, and Wuhan University for constructive comments, Hongjia Zhu for help with the data on weather and air pollution, and Guangyuan Guo, Dongmin Hu, Jiaxin Xiong, and Caiyun Wu for excellent research assistance. Wei thanks the Chazen Institute of International Business at Columbia Business School for a research grant for the project. All errors are the authors’ responsibilities. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
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