We examine the real effect of local financial agglomeration on firms’ financing constraints using a sample of publicly listed firms in China. We adapt principal component analysis to measure the degree of financial industry concentration at the provincial level. The results indicate that firms...

We examine the effects of keiretsu structure on capital market timing. Keiretsu groups offer a hybrid structure between fully integrated conglomerates and stand alone firms. We find that past market conditions affect the capital structure of keiretsu firms more than they affect the capital...

Studies mainly focus on measuring the uncertainty of economic policy in different countries. However, few studies have focused on the construction of an environmental policy uncertainty index (EPUI). This study selects 460 newspapers from the China National Knowledge Infrastructure newspaper...