We examine the impact on firm cash holdings of uncertainty of uncertainty, measured as the ex post volatility of economic policy uncertainty. Using the news-based index developed by Baker, Bloom, and Davis (2016) for twenty-two countries, we find that, when there is greater volatility of...

Many European banks received substantial public support through direct government investment and guarantees underpinning ownership structures in the wake of the subprime economic and European debt crises. We investigate, for banks that suffer adverse reputational events, whether such past public...

We investigate the impact of uncertainty of uncertainty (UOU) on corporate accounting conservatism, finding a positive association. Mechanism analysis suggests that under UOU, creditor demands for real information drives shifts toward accounting conservatism. Further analysis shows that the...

The recent influence of the meme stock and meme token phenomena have raised new challenges for investors and policymakers. In this paper, we examine the quantile connectedness between meme stocks, meme tokens, and traditional financial assets such as stock, gold, oil, U.S. dollars, and U.S....

We investigate connectedness between energy cryptocurrencies and common asset classes, including oil, using TVP-VAR modeling, evidencing that energy cryptocurrencies, as diversifiers, normally have strong connections with bitcoin and nothing else. However, their connectedness to other assets...

The COVID-19 pandemic has raised the global financial and business situation that is characterized by impulsive and alarming market movements, demand-supply crunches, falling stock market prices, market volatility, and rising inflation. The probable, as well as practical impacts of COVID-19 on...

Liquidity flow between regions with different levels of temporary financial constraints has received insufficient attention. This study takes advantage of a natural opportunity: Chinese capital markets clearly distinguish between foreign direct investment firms and firms with foreign...