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...

This study empirically investigates whether and how the COVID-19 pandemic affects corporate financial asset holdings. We find that firms with higher pandemic exposure are less likely to hold financial assets. Mechanism analyses suggest that the return-chasing rationale dominates the...

This study investigates whether and how the pandemic is priced in the bond market in China. Using data of COVID-19 daily confirmed cases by city, we find a significant positive relationship between the pandemic outbreak and corporate credit spreads, implying compensation for investor risk...