We investigate whether pollution aversion has an effect on financial analysts’ earnings forecasting for polluting firms. We find that for firms in polluting industries, geographically proximate financial analysts in China make less favorable (i.e., less optimistic or more pessimistic) earnings forec

基于市场公平视角，本文利用沪港通前后两年数据检验了资本市场开放对内幕交易水平的影响。研究结果表明：（1）沪港通的实施有效降低了内幕交易水平，从而有助于促进资本市场公平；（2）资本市场开放对内幕交易水平的影响，在融资需求更强的公司中更为显著；（3）进一步分析表明，资本市场开放对内幕交易水平的影响，主要通过信息效应产生作用；（4）地区金融竞争水平对因融资需求导致的内幕交易水平降低存在一定的调节效应。本文结论对我国当前的资本市场开放政策具有一定借鉴意义。

Income taxes are a major expense for profitable corporations, oftentimes 25 percent or more of pretax income. This study exploits a setting – the market for corporate control – to test competing agency-based and risk-based explanations of corporate tax planning. Exploiting the staggered enactment

Using a unique dataset of fund inflow gates in China, we explore for the first time discretionary inflow restrictions in mutual funds. We show that funds imposing inflow gates on investors substantially expand their retail investor base and increase future fund flows, though they do not earn a highe

This paper analyzes how corporate disclosure has been reshaped by machine processors, employed by algorithmic traders, robot investment advisors, and quantitative analysts. Our findings indicate that increasing machine and AI readership, proxied by machine downloads, motivates firms to prepare filin

The corporate bond market in the United States had long been plagued by information opacity due to lack of price and other trading information. The Trade Reporting and Compliance Engine (TRACE), introduced in 2002 to address this problem, provides a natural experiment for examining the economic c

When quantifying information from unstructured textual data, the traditional bag-of-words approach only captures semantic features of single words or phrases. The context, the sequence of words, and the relationship between words are ignored. This paper introduces a novel approach to incorporate

In the M&A process, uncertainty impairs acquirers’ ability to assess targets’ intrinsic value as well as the expected synergy created from business combinations. Consistent with acquirers’knowledge of potential downsides of targets’ business improving M&A quality, we document that the similarity be

Prior research shows that managers learn from the capital market; however, it remains unclearwhat specific information that managers seek to learn. Building on prior results that financial analysts have information advantage relative to managers at the macroeconomic level, we show that such informa

State control can turn the media into the government’s mouthpiece and weaken the media’s incentives to meet market demands for corporate news. However, the media’s dependence on the government can strengthen its ability to access information about the government’s industrial and macro policies, de

Firms weigh the costs of public disclosure against the benefits of information transparency when disseminating narrative R&D information. In this paper, we examine whether firms with more private information dissemination channels will reduce their public disclosure of narrative R&D information b