We demonstrate the negative impact of air pollution on China’s Initial Public Offering review process. We find that the pass rate of firms with connection to the review committee is increased by 10 percentage points when reviewed on a polluted day. The effect only exists for air pollution...

Using location- and time-specific fine particulate matter pollution (PM2.5) data in Beijing, we document that regulators are more likely to approve IPOs in China on hazy days. Our results are robust to specifications that control for listing firms' characteristics, composition of the IPO review...

This study conducts a correspondence study and employs machine learning based attractiveness ratings to investigate gender differences in the sources of appearance discrimination in the Chinese labor market. Our findings reveal that female applicants predominantly face statistical appearance...

In this study, we investigate the effect of satellite imagery availability on addressing information asymmetry and improving stock price efficiency. Recent development of remote-sensing technology has enabled sophisticated international investors to collect granular real-time indicators of firm...

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...

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...