We analyze credit ratings' effects on firms' investments in a rational debt-financing game that features a feedback loop. The credit rating agency (CRA) inflates the rating, providing a biased but informative signal to creditors. Creditors' response to the rating affects the firm's investment...

Open banking is a policy initiative that encourages lending market competition by allowing borrowers to freely share data with any financial institutions. We investigate resource allocation efficiency under open banking. In our setting, banks compete in common-value auctions where they obtain...

Purpose - China has established 14 marine economic development demonstration zones in 2018, which has become an important step in exploring the high-quality development of the marine economy. The paper statistically analyzes the documents related to the field of marine economy and special...