We investigate an externality of earnings pressure from capital markets. We define earnings pressure as managers’ incentives to meet or beat earnings expectations. Using detailed establishment-level sulfur dioxide emission data from China covering 2003 to 2012, we find that firms with earnings...

The COVID-19 pandemic has caused a significant negative impact on the world economy and financial markets due to its global nature and severity. This paper aims to comprehensively investigate the dynamics of short-, medium- and long-term risk spillovers across the major financial markets in the...