Part I: Microfinance -- 1. Can Microfinance Achieve Both Social and Financial Goals? -- 2. Boundaries of Microfinance -- Part II: Financing of Small and Medium-sized Enterprises -- 3. Solving the Financing Difficulty of SMEs by Community Construction -- 4. Big Bank, Small Finance -- Part III:...

At the end of 2019, the outbreak of the COVID-19 has a huge impact on China and the world economy, highlighting the vulnerability of the economy in the face of major shocks. The capability to resist pressure and risk of economic resilience can significantly improve the capability of the economy...

Using corporate data in 19 countries that experienced democracy status transitions between 1983 and 2017, we find that firm investment decreases by over 30% following democratization. This negative democracy-investment relationship is driven by higher employee welfare and regulatory costs and is...

In this paper, we investigate the timing, volume, and profitability of insider trading has changed over time corresponding to changes in the regulatory environment over the period 1986-2008. Consistent with increased regulatory scrutiny, we find that there has been a steady increase over time in...