Many institutional investors publicly commit to some form of responsible investment. This raises concerns about the credibility of such claims. We use participation in collaborative engagements to identify "Leaders", i.e., institutional investors that are truly committed to improving firms'...

We find that voluntary ESG disclosure by asset managers enables clients to identify investors with higher ESG integration, thereby reducing the information asymmetry within the responsible investment landscape. Institutional investors disclose on their ESG practices as part of their voluntary...

Purpose The study aims to elaborate the author's basic viewpoints on how economics should view the Internet from four aspects. Design/methodology/approach This paper reviews the existing literature on this topic, and summarizes key findings and conclusions of these researches. Findings The...

The creation of the China-led AIIB has been the most important event in the international financial sphere in recent years, but the comments about it have often been made from a multitude of lenses, thus complicating the recognition of its real implication. By clarifying the inclinations...

There exists strong commonality in credit risk across sovereigns [Pan and Singleton (2008); Longstaff, Pan, Pedersen and Singleton (2011)]. This paper embeds this commonality into a rating-based, reduced-form model. A parsimonious version of the rating-based model can adequately capture the...