Manipulation of the co-catalyst plays an important role in charge separation and reactant activation to enhance the activity of CdS based photocatalysts. Transition-metal phosphides have aroused widespread interest in catalysis owing to their special structure and catalytic behavior. Herein,...

Government macro-control through various policies is an important way to mitigate air pollution and greenhouse gases. Therefore, environmental tax is used worldwide as an important measure. However, few studies have considered the interaction between carbon and environmental protection taxes....

This paper shows that bond market liquidity plays an important role in determining corporate debt contracts. We find that bonds with better expected market liquidity are issued with fewer restrictive covenants, longer maturities, and lower offering yield spreads. These results are robust to a...

This paper examines the effects of bond liquidity on firms' investments. We postulate that bond liquidity increases firms' investment opportunities by reducing the cost of capital and improving access to financing. Using the exogenous variation in liquidity generated by the introduction of...

This paper investigates the impact of debt covenant protection on the cross section of equity returns with a firm-level covenant index and four sub-indices. We find that firms with weaker covenant protection (lower covenant index levels) earn significantly higher risk-adjusted equity returns...