Theory suggests that traders will be more reluctant to trade on negative private information about an ongoing merger if their trading will cause the merger to be canceled. This paper provides evidence on the existence of such endogenous limits to arbitrage and it's consequence on the...

Using the hand-collected ownership data from a large sample of Chinese listed firms, we examine the link between foreign strategic ownership and firms’ corporate social responsibility (CSR). We find that foreign strategic ownership is significantly associated with higher CSR performance....

This paper shows that a standard deviation increase in carbon emissions by listed firms in China increases the odds of M&A (a green asset acquisition) by over 33% (over 81%) to achieve a green transition. However, firms decrease their R&D investment which tends to be fraught with technical and...