This study introduces a model that estimates the common and market-specific information flows when an asset is traded simultaneously in multiple markets. Cross-market return correlations are determined by a latent common information factor. The common and market-specific information flows are...

This paper proposed a framework of blockchain peer to peer (P2P) energy sharing and several business models based on smart contracts to accelerate the market diffusion of distributed photovoltaics (DPV). To analyze the effects of business models, an evolutionary game theory based multi-agent...

This study examines whether and how politicians’ hometown favoritism shapes local environmental governance at the firm-level. We introduce the shock that politicians return to their hometowns as leaders to show the following findings: First, only when the environmental quality becomes the...

The inelastic markets hypothesis states that the aggregate stock market price elasticity of demand is small, implying that flows have large impacts on prices. We exploit demand shocks created as investor funds are frozen and unfrozen during Chinese IPOs to estimate the impact of demand shocks on...