It is increasingly common that institutional investors hold the equity of both industrial and financial firms. These cross-industry holdings link borrowers to banks that they have not borrowed from, creating “bank-firm ownership linkages.” We show that such linkages significantly lower...

We develop a new rationale for IPO waves based on product market considerations. Two firms, with differing productivity levels, compete in an industry with a significant probability of a positive productivity shock. Going public, though costly, not only allows a firm to raise external capital...

Using hand-collected data on the signature size of managers among Chinese initial public offerings (IPOs) from 2007 to 2019 to proxy for managerial narcissism, we examine how IPOs with narcissistic managers (narcissistic IPOs) impact IPO underpricing. The findings suggest that narcissistic IPOs...

This paper seeks to contribute to the debate on the carbon leakage phenomenon via the channel of competitiveness leakage by focusing on China’s bilateral trade. Based on a highly disaggregated database that includes 1,033 products and 117 trade partners from 1995 to 2012, we measure the...