This paper investigates whether and how FinTech development affects investors’ utilization of information from corporate earnings announcements. Using FinTech patent applications to characterize regional FinTech development in China, we find that FinTech development significantly reduces stock...

In the new wave of sustainable finance, firms are under increasing pressure from stakeholders to engage in ESG activities, among which the role of financial analysts is a key driving factors of corporate sustainability. This paper investigates the effect of analyst coverage on corporate...

This paper investigates how credit information sharing affects corporate trade credit. Utilizing the difference-in-difference method, we find that infra-marginal bank borrowers significantly reduce their trade credit after the introduction of the Chinese National Enterprise Credit Information...

We study the impacts of the 2009 monetary stimulus and its interaction with infrastructure spending on credit allocation. We develop a two-stage estimation approach and apply it to China's loanlevel data that covers all sectors in the economy. We find that except for the manufacturing sector,...

This paper summarizes ten years of empirical research on the ingredients of sustainable organizational success at different organizational levels. While multiple dimensions of corporate success have received much attention in recent years, few studies had spanned the entire spectrum of...

More than 25% of credit bonds in China received improved issuance ratings, among which 96.6% used credit enhancement. We find that credit enhancement can effectively lower credit spreads, which still holds after a battery of robustness tests. We employ the propensity score matching method, the...

Using comprehensive loan-level data in China, we investigate how the deregulation on bank entry barriers alters local banking industrial organization and its economic consequences. We document a novel trade-off: the potential benefits of deregulation are adversely mitigated by entrant banks'...

We study the informational role of interfirm ownership networks in loan monitoring. Using comprehensive data on monthly internal rating changes of individual corporate loans in China, we directly measure banks' soft information by tracing whether banks downgrade ratings before delinquency. We...

We study credit allocation across firms and its real effects during China's economic stimulus plan of 2009-2010. We match confidential loan-level data from the 19 largest Chinese banks with firm-level data on manufacturing firms. We document that the stimulus-driven credit expansion...

We study the consequences of corporate default using China's national credit registry. Borrowing after default declines if the lender or borrower is not state-controlled or if the borrower is located in a highly developed province. After default, a key social indicator, employment, does not...