Lobbying, ESG reporting, Non-financial disclosure, Hong KongThis study investigates the valuation and real effects of the mandatory disclosure of greenhouse gas (GHG) emission costs from the perspective of "double materiality." We consider a firm with a Cobb-Douglas production function that...

We provide a novel interpretation of shadow banking in China from the perspective of dual-track interest rate liberalization. Shadow banking leads to a Kaldor-Hicks improvement, if the gains from reducing the capital idleness and financing the more productive private enterprise (PE) outweigh the...

The framework of "one currency, two markets" makes China's currency market quite unique compared to its Western counterparts. In this study, we characterize the linkage between the onshore and o shore Renminbi exchange rates, and estimate the effect of the recent Renminbi market reforms against...

China's M2/GDP ratio keeps rising, although it is already in the highest tier throughout the world. In this paper, we investigate empirically this puzzle using different levels of data. We first provide a quantitative approach to estimate the degree of China's excess liquidity based on...