Reasonable assessments of the impact of information infrastructure construction on entrepreneurship will support the development of the digital economy in China. Using nationwide data from 2005 to 2017, this paper analyzes the causal effect of the “Broadband China” pilot policy on...

Although common belief is that welfare is higher under Bertrand competition compared to Cournot competition, we show that this may not be the case in the presence of passive cross-ownership, which is widely observed in the real world. In a symmetric duopoly, we show that while the profits are...

Traditional tradeoff theories puzzlingly predict that firms use high leverage, issue debt carrying a high duration and low yield spread, and have optimal debt policies highly affected by managerial risk-shifting behavior. We offer an ambiguity-based explanation for these corporate debt puzzles....

The relationship between societal trust and stock price delay is examined across 33 countries for the period from 1985 to 2021. The results showed that societal trust positively impacts investors' perception of information credibility, resulting in a shortened stock price delay. This effect is...

This study examines the impact of Shenzhen Stock Exchange’s (SZSE) information disclosure ratings on investment efficiency in China. Based on a sample of Chinese A-share listed companies on the SZSE from 2001 to 2018, we discover that superior information disclosure ratings improve investment...

Considering the reform of online voting rules in China and by using the data of firms listed on the Shenzhen Stock Exchange from 2011 to 2017, this paper aimed to explore the effect on firms’ investment efficiency from weak stakeholders' participation in governance. The results also indicate...

This paper examines the relationship between modern health pandemic crises and financial stability. Specifically, it collects data on 250,223 firms in 43 countries (or regions) during five modern pandemic crises, SARS (2003), H1N1 (2009), MERS (2012), Ebola (2014), and Zika (2016), and finds...

Transportation finance has been historically dominated by assessing taxes totransportation users and taxes on the general public. Innovative financing mechanismssuch as tax increment financing, special assessment districts, and others represent valuecapture techniques that tax property owners to...

Given the Brazilian federal government's high priority on economic growth, competitiveness is at the top of the economic agenda. While economic policies at the national level are important to this agenda, more than 75 percent of people live in urban areas, which produce more than 90 percent of...