This paper provides, for the first time, large-scale evidence that liquidity transformation by banks creates fragility, as their uninsured depositors face an incentive to withdraw their money before others (a so-called panic run). Such fragility manifests itself in stronger sensitivity of deposit

This paper examines how credit risk spillovers affect corporate financial flexibility. We construct separate empirical proxies to disentangle the two channels of credit risk spillovers— credit risk contagion (CRC), which increases industry peers’ distress likelihood; and product market rivalry (PMR)

Investors are increasingly tapping into social media for financial advice (Beals 2012; Huang 2015; Langton 2015), giving rise to the emergence of Social Media Analysts (SMAs), who analyze stocks and provide financial advice on social media. However, due to low barrier of entry, social media is reple

Reputation has long been recognized as an important mechanism to mitigate opportunistic behavior in the audit market. However, whether and how reputation motivates auditors to provide high-quality audits is empirically not clear. We exploit the Chinese audit market, where a group of auditors is titl

“计划、执行、勤奋、认真、坚持”，五个词是一名合格卖方分析师所需要具备的。制定合理的计划，并努力完成它；勤于思考，勤于学习；认真做好每一件事情；持之以恒，就一定能有好结果。 作为一名卖方行业分析师，财务知识和行业知识是必备的；但要成为一名合格分析师，这两项还远不够，还需要对宏观经济有所了解，有助于从宏观面了解行业，此外高情商、高抗压能力等都很重要。 结合十多年的行业研究经验，通过案例展示、流程分析等介绍卖方分析师的日常工作，同时对合格卖方分析师的素质要求给出自己的理解与认识。

【报告主题】董事会与独立董事：一个新的研究视角

This study examines the effect of air pollution on technological innovation. We find robust evidence that air pollution impedes innovation at the city level and firm level, using i) an ordinary least squares regression, ii) a regression discontinuity design that relies on China’s Huai River Policy,

作为一名完整经历了从卖方转型到买方研究和投资工作的从业人员，对研究以及投资的理解更为全面和独到。买卖方研究的差异在哪里？探讨的重点还是如何做好投资。投资就是对好的逻辑求知若渴。一个良好的投资逻辑必须只用一句话就能够引发共鸣。一句话的背后却是深刻的思考、地毯式的调研、受挫式的讨论。投资组合就是一个基金经理的“阿凡达”，体现的就是你的内心，投资的高度最终取决于你的品性。所以投资不仅追求的是广度和深度，更是你对自己品性的修炼。

【报告主题】价值科学和数字货币

【讲座主题】证券研究的基本思想与哲学路径

一、为什么大数据在今天备受重视？为什么管理会计会被热宠？ 二、深刻理解习总书记关于“两个全面”的重要论述 三、管理会计的最佳实践 四、深刻理解管理会计对公司高质量转型发展的重大意义

Extreme temperatures and less predictable weather lead to large fluctuations in electricity demand and the wholesale price of electricity, which in turn affects the optimal production process for firms to use. Using a large international sample of planned power plant projects, we measure the way tha