The difficulty of SME financing is a global problem. A government guarantee system could alleviate the asymmetric information between banks and SMEs, driving financial resources to them. A unique dataset from Zhejiang provincial guarantee group has been used in this article to verify the...

This study explores the impact of patented innovation on downside stock tail risk, measured as the value at risk (VaR) and expected shortfall (ES) (Atilgan et al., 2020). Using the sample of all listed firms in China's A-share market from 2007 to 2020, we find that, first, the quantity and...