This paper examines the spillover effects of corporate bond defaults on the non-performing loans of local city commercial banks. Using a staggered difference-in-differences model, we find that the emergence of corporate bond defaults significantly increases the non-performing loans of local...

This paper examines the spillover effects of corporate bond defaults on the non-performing loans of local city commercial banks. Using a staggered difference-in-differences model, we find that the emergence of corporate bond defaults significantly increases the non-performing loans of local...

This paper examines the intra-industry effects of bond defaults on corporate cash holdings. The staggered difference-in-differences regression results find that corporate cash holdings decrease following the first default within each industry, and the results are driven by firms with more severe...

Using the staggered opening of governmental public data platforms in China, we employ the difference-in-difference approach to investigate how public data access affects stock price synchronicity. We find that stock price synchronicity significantly drops after the public data platform is...

This study investigates how FinTech development affects financial reporting quality. We characterize the regional FinTech development using manually collected information on FinTech patents, and find that regional FinTech development reduces local firms’ real earnings management. The mechanism...

This paper studies the COVID-19 pandemic as an exogenous shock to investor uncertainty and examines the effects of uncertainty on stock liquidity. Analyzing data from Chinese listed firms, we find that stock liquidity dries up significantly in response to an increase in uncertainty resulting...