Hedy Jiaying Huang

Conflicts of Interest The authors declare no conflicts of interest. Data Availability Statement Research data are not shared. References , , and . 2005. “Law, Finance, and Economic Growth in China.” Journal of Financial Economics 77, no. 1: 57–116. https://doi.org/10.1016/j.jfineco.2004.06.010. 2002. “Illiquidity and Stock Returns: Cross-Section and Time-Series Effects.” Journal of Financial Markets 5, no. 1: 31–56. https://doi.org/10.1016/S1386-4181(01)00024-6. , , and . 1997.

1 Introduction As individuals with diverse human capital, migrants have increasingly garnered attention for their role in human capital formation, knowledge transfer and regional economic development (Amendola et al. 2020; Gagliardi 2015). However, the literature has largely concentrated on international migration, especially cross-border relocation in developed countries, focusing on migration's impact on wages and employment (Borjas 1985; Chiswick 1978; Duleep et al.

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