By manually collecting data on Internet-based rumors concerning COVID-19, we investigate the market reactions to the spread of such rumors and the government's refutation of them. We find that frightening (reassuring) rumors have a negative (positive) impact on investors. The refutation of...

This study investigates the relationship between the environmental strategy of state-owned enterprises (hereafter SOEs) and executive promotion in China. We partition a firm’s environmental strategy into Wordy and Nonwordy , and its environmental action into Feasance and Nonfeasance . We...