We investigate the informational roles of foreign ownership in local credit rating agencies (CRAs) in the Chinese onshore debt market, which was the world's largest emerging debt market from 2008 to 2017. We find a robust negative relationship between the bond offering yield and foreign...

Much of the debate around the value effects of corporate environmental performance builds on the premise of hefty regulatory costs associated with environmental litigations. In this study, we exploit a novel research setting in China where corporate environmental wrongdoings are exposed to...