Recent studies have shown that most financial market anomalies exhibit a momentum effect. Based on a dataset covering 20 factors, we find that the factor momentum effect is weak in general. Six factors exhibit strong return continuation and dominate the factor momentum portfolio, while the...

We explore how polluting firms alter their dividend policy in response to pressure from green policy. The green credit guidelines that China adopted in 2012 aim to promote credit supply in sustainable development. Meanwhile, this green policy forced polluting firms to access restricted credit...