Why do listed firms herd to repurchase shares? Analyzing complete repurchase records from the Chinese stock market from 2005 to 2021, we discover that firms aiming to boost stock prices through repurchasing shares drive the tendency for peers to also make repurchasing announcements. The positive...

Using a comprehensive data set of earthquakes in China, we show that investors perceive increased credit risk in quasi-municipal bonds exposed to devastating earthquakes, leading to a significant positive risk premium. Our study identifies that this bias is temporary and decreases as investors...