This paper examines the dynamic connectedness between the MSCI World ESG Leaders Index, S&P Green Bond Index, and the U.S. ESG Indices. We find that the relative importance of the global ESG equity market to the green bond market as well as the U.S. ESG equity market has kept growing, especially...

We examine the return information conveyed by a firm’s dividend surprise, defined as the difference between a firm’s actual dividend per share (DPS) and investors’ expected DPS. We find that negative-surprise stocks (i.e., stocks in the lowest dividend surprise quintile) provide 5.64% more...

This paper examines the spillover effect between Bitcoin and Meme stocks, the two types of assets heavily traded by retail investors. A unidirectional wealth transfer phenomenon from Meme stocks to Bitcoin is identified. Moreover, both past own volatility and volatility from Bitcoin contribute...

This paper analyzes the short‐term and long‐term effects that the global economic crisis and the investment priorities of the Chinese Government's stimulus package had on Chinese migrant flows between 2008 and 2014. Combining micro‐level household survey data and macro‐level statistics,...

This study compares poverty among older adults in China, Japan, Korea, and Taiwan with that in selected Western societies and explores factors contributing to these high levels of poverty among older adults from a comparative perspective. Lower education levels of older people contribute to high...

Coupled with advances in enterprise reform and changes in the wage structure, earnings inequality in urban China has been increasing, and this has contributed significantly to rising income inequality. Using urban household survey data from the 1988, 1995 and 2002 waves of the China Household...

This paper investigates the impact of Chinese firms’ ESG performance on their financial constraint and financing activities. We find a negative association between firms’ ESG performance and their financial constraint driven by the Chinese government’s commitment to tackling climate...