This paper examines the dynamic interplay between cryptocurrency policy uncertainty and fluctuations in a wide range of financial assets, including global equity markets, green equities and bonds, as well as commodities. In the quest for a hedge and safe haven asset, we find that developed...

This paper examines the role of portfolio concentration at the stock level in generating abnormal returns and tries to reveal the factors behind the relationship between security concentration and fund performance. Our study finds that security-concentrated funds underperform...

Given the global resolve to transit away from traditional energy sources toward a low carbon economy, companies are under increasing pressure to grapple with the tension between longterm business sustainability and short-term energy threat. To assess how companies react to this intertemporal...

In response to the global concern of the Evergrande debt crisis, we document several findings of the crisis’s contagion effect. First, although most real estate companies have strong financial fundamentals, the high default risk among large firms sends an alarming signal. Second, the spillover...

Employing an event-study approach, we examine stock markets’ reaction to the enactment of the ESG (Environmental, Social and Governance) Disclosure Simplification Act of 2021 by the United States House of Representatives. The Act mandates disclosure of standardized ESG metrics among American...

We study the mandated introduction of an auction (and its subsequent supervision) for the pri-mary bond market in China. These regulatory interventions significantly reduce the cost of debt for Chinese issuers. While this reduction is partly driven by reduced information asymmetry, we show the...