We rely on governance theory summarized in Adams, Hermalin, and Weisbach (2010) and Bushman (2009) which suggests that corporate governance characteristics may be endogenous. This differs from past research that links governance to fraud (i.e., Farber 2005) and assumes corporate governance is...

We use daily survey data on Chinese institutional investors' forecasts to measure investors' sentiment. Our empirical model uncovers that share prices and investor sentiment do not have a long-run relation; however, in the short-run, the mood of investors follows a positive feedback process....

As the largest developing country, China has recognized the importance of low carbon city. So far, three batches of low-carbon pilot provinces and cities were presented by the Chinese government from 2010 to 2017. Therefore, the local governments in the pilot group should take effective measures...