This study documents a significant and positive impact of country-level ESG improvement on economic growth using a comprehensive sample across 109 countries. The economic benefits of country-level ESG improvement are robust after alleviating endogeneity concerns using instrumental variable...

We investigate the informational roles of foreign ownership in local credit rating agencies (CRAs) in the Chinese onshore debt market, which was the world's largest emerging debt market from 2008 to 2017. We find a robust negative relationship between the bond offering yield and foreign...

This study examines how the connectedness between CEO and subordinate C-level executives affects corporate investment decisions, where a senior manager is assumed to be loyal to the CEO if he/she is appointed during the current CEO's tenure. In a sample of S&P1,500 companies from 1996 to 2015,...

Building on the short-term nature of interim CEO contracts, this paper examines the effect of interim CEO appointment on corporate long-term investment measured by a firm's R&D spending. We find robust evidence that the corporate R&D investment level is significantly lower during the interim CEO...

Using the adoption of the Arrowhead trading platform in January 2010 as an exogenous event, we investigate the effects of algorithmic trading on stock market liquidity and commonality in liquidity under different market conditions on the Tokyo Stock Exchange. After controlling for endogeneity,...

We examine the effect of corporate social responsibility engagements signaled through negative environmental and social (E&S) incidents on equity financing via seasoned equity offerings (SEOs) across 25 countries. The results show that negative E&S incidents significantly aggravate SEO...

In response to the recent elevated corporate credit risk environment in China’s credit market, we develop a probability of default (PD) measure for Chinese companies using actual corporate bond defaults by applying the Least Absolute Shrinkage and Selection Operator (LASSO) machine learning...

This study examines the informational role of home media for foreign equity investment. Using a large sample of 38 host countries, we document a positive association between U.S. mutual fund ownership in a local stock and the coverage of U.S. major news providers on that stock. In addition to...

Purpose - The focus of this paper is to further improve the implementation safeguard measures of the National Plan for Main Functional Zones of Ocean (NPMFZO) based on the implementation status of the national marine main functional area plan after the promulgation of the existing marine...