Globally, cities are the source of over 70 percent of the world's greenhouse gas emissions. Cities are also the engines of the global economy, concentrating more than half the world's population, and they are where the middle class is rapidly expanding. Indeed, by the year 2050, two-thirds of...

This study investigates how bank characteristics affect bank stock reactions to changes in the federal funds rate target. Using a data set of all publicly listed banks of the United States from October 1988 through December 2007, we find that (1) the effect of changes in the federal funds rate...

Globally, cities are the source of over 70 percent of the world's greenhouse gas emissions. Cities are also the engines of the global economy, concentrating more than half the world’s population, and they are where the middle class is rapidly expanding. Indeed, by the year 2050, two-thirds of...

Investment size has been overlooked by scholars who study foreign direct investment (FDI). This overlook hinders our understanding of globalization, because the study of investment size will shed light on how firms of different sizes develop and participate in the current trend of globalization,...

Are the returns of Chinese ADRs more affected by the U.S. stock market or their underlying home market? Since there is non-synchronous trading between U.S. and the Chinese stock markets, we decompose the Chinese ADR daily returns into day and night returns to investigate the different market...

This paper develops a framework for stress-testing the credit risk of Chinese commercial banks to macroeconomic shocks. Using data over the period 1985-2008, this study establishes a vector auto-regression (VAR) model to describe the links between default rate and macroeconomic factors, and then...