We question the appropriateness of using time-invariant indices as benchmarks and propose a regime-switching methodology to identify the time-varying de facto benchmarks from a pool of the market-based indices, with or without a risk-free asset. We highlight the benchmark mismatch phenomenon and...

We premise and model the dynamic interdependence between energy and carbon prices in Phase III of the European Union Emission Trading Scheme (EU ETS) in a heterogeneous impulse-response setting. Our research framework is based on the proposition that energy prices (e.g., oil, natural gas, and...

Financial systemic risk – defined as the risk of collapse of an entire financial system vis-à-vis any one individual financial institution – is making inroads into academic research in the aftermath of the late 2000s Global Financial Crisis. We shed light on this new concept by...

Relying on a comprehensive sample of Chinese listed companies from 2007 to 2020 and the PSM-DID method, we examine whether punishments from the China Securities Regulatory Commission (CSRC) affect the behavior of firms that are not punished but shares a cross-owner with the punished. We find...

Fe-N 4 single-atom catalysts (SACs) had been investigated extensively in various energy conversion reaction. However, large amount of untouchable Fe-N 4 sites buried in the dense carbon skeletons greatly restrict the maximization of catalytic performance. Therefore, rational construction of...