The media in China has undergone extensive commercialization to become more market-driven over the last 35 years. Based on a sample of over two million newspaper articles, this study investigates whether the media in China has an incremental impact on stock price efficiency. We find that: as...

Purpose: At present, the Central Government of China pays more attention to the synergistic innovation, and the national strategy policy of "innovation driven development" are made to implementations. Thus, the university plays an important role in the national innovation system, so that how the...

We study the evolution of health investment over the life-cycle by calibrating a model of endogenous health accumulation. The model is able to produce the decline in labor supply with age as well as the hump-shaped consumption profile. In both cases, health and health investment play a crucial...

The first green bond was issued in the People's Republic of China (PRC) in 2015 and since then the PRC has become a significant player in the world's green bond market. In just three years, green bond issuance in the PRC has skyrocketed from almost none to the country becoming one of the largest...

China has been participating in the international standards activities since the reform and opening up period. China's standards action has not only brought about significant changes in the way of international trade, but also changed the connotation and manifestation of economic growth, which...

We find that firms with greater tax avoidance incur higher spreads when obtaining bank loans. This finding is robust in a battery of sensitivity analyses and in two quasi-experimental settings including the implementation of Financial Accounting Standards Board Interpretation No. 48 and the...

We find that firms headquartered in U.S. counties with higher levels of social capital incur lower bank loan spreads. This finding is robust to using organ donation as an alternative social-capital measure and incremental to the effects of religiosity, corporate social responsibility, and tax...

We investigate whether the levels of social capital in US counties, as captured by strength of civic norms and density of social networks in the counties, are systematically related to tax avoidance activities of corporations with headquarters located in the counties. We find strong negative...