In this study, we examine the effect of bank deregulation on corporate environmental performance. We use a unique dataset that contains rich information on firms' toxic emissions and exploit bank branching deregulation in China. We find that compared with firms with lower exposure, firms more...

This study examines whether the financial health of municipal bond investors can affect the municipal bond yield by especially focusing on the liquidity component. We find that the deterioration of the financial health of bond investors widens the liquidity spread of municipal bonds, and this...

The 2018 U.S.-China trade war has spurred wide-spread debates about the effects of Chinese imports on U.S. society. We examine the effect of United States' conferral of Permanent Normal Trade Relations (PNTR) on China — a policy that eliminates the uncertainty of future tariff increases for...

This paper investigates the monitoring effect of institutional investors on portfolio firms' audit quality. We identify an exogenous discontinuity in institutional ownership around the Russell index threshold to overcome the endogeniety concerns. We find that an exogenous increase in a firm's...

We use import tariff reductions as a natural experiment to explore how trade liberalization causally affects the tax avoidance activities of U.S. firms. Using a Difference-in-Differences matching estimator approach, we find a significant increase in tax avoidance following tariff reductions. The...

The United Nation (UN) projects that 2.5 billion more people will live in cities by 2050, up from 4.4 billion today. Of the growing global population, most will come from the urban areas of low- and middle-income countries in Sub-Saharan Africa and South Asia, with Sub-Saharan African cities...

Atmospheric electric field has been observed in the town Binchuan (25°50’N, 100°34’E, 1438.7m asl) Yunnan, China from June 2017 to December 2020. The mean diurnal variation curve of the atmospheric electric field under fair-weather in Binchuan (will be described as Curve) shows little...

Developing shallow geothermal energy with a borehole exchanger helps energy supply and CO 2 emission reduction . This paper comprehensively compares the influencing factors on heat transfer efficiency based on the field investigations in Linqu County, Shandong Province, China. We built a...

In order to find a feasible pretreatment method, the properties, kinetics and pyrolysis products of oxidative torrefied camellia shell (CS) have been investigated in present work. Different oxygen concentration of 0-8% have been performed in torrefaction atmosphere, and oxidative torrefaction...