This paper examines the impact of tax haven crackdown on the loan sale market, where majority of the loan buyers are institutional investors. Exploiting the adoption of Tax Information Exchange Agreement (TIEA) intended to reveal haven activities, we find an increase in the probability and intensit

Using a large international sample of firms, we examine the relation between carbon management ability (CMA) and firm-level climate risk exposure. We find that CMA is negatively associated with climate risk exposure. More importantly, we show that firms with high-CMA managers tend to achieve reducti

This study investigates the effect of a firm’s indoor environment quality (IEQ) on its information production. Leveraging a third-party sustainability building rating system that provides IEQ scores for office buildings, we first show that employees in a firm’s headquarters with better IEQ score

Our hypothesis is that the disposition effect - the tendency to sell winners but hold on to losers - is weaker when investors can attribute their losses to forces beyond their control. We test this hypothesis in the disclosure setting that uncontrollable factor disclosure (UFD) in earnings confe

We study how the loan loss provision model and loan officers’ incentive contracts jointly shape lending riskiness. The global shift from the incurred losses (IL) model to the expected credit losses (ECL) model is one of the most significant changes in accounting policies related to bank loans and ha

债券注册制改革放松了对债券余额比例（40%）上限的硬约束监管，本文重点分析了该政策的市场效应。通过特征事实描述发现，随着 40%比例上限硬约束的放开，债券发行人的发债余额比例显著上升，有约 8.1%的债券是由债券余额比例超过 40%的企业发行，且这些企业事前的债务余额比例更靠近 40%。以债券定价角度刻画债券发行人资质进行实证分析后发现，相比未超过 40%的债券，超过 40%比例的债券发行信用利差较低，且一二级市场价差更小，展现了这部分债券较高的定价效率，体现出优质性。

How does management guidance affect market reactions to earnings announcements? To address this question, we use a recent regulatory change in China that shifted guidance from mandatory to voluntary for a set of China’ A-share firms. A large fraction of treated firms immediately stopped issuing guid

Biodiversity loss as a global concern requires drastic shifts in conservation efforts that carry substantial costs. We investigate how the financial market prices such conservation costs, exploiting the “Green Shield Action” (GSA) — an unexpected regulatory change aimed at preserving biodiversit

信息披露不仅影响资本市场，对于产品市场中的资源配置效率产生重要影响。本讲座将结合有关研究，讨论信息披露在产品市场中的经济后果，侧重于考察信息披露在招标采购中的作用。

We examine the differences in corporate culture as depicted by executives and employees and the associated value implications. Applying a supervised machine learning technique and a nine-cultural-dimension framework, we measure executive-depicted culture (EXEC) based on executive earnings call commu

This paper investigates the real and capital market effects of a mandatory change in the presentation format of research and development (R&D) expense. We utilize a setting of China’s implementation of a new presentation format of corporate R&D expense that requires Chinese public firms to prese

Social audits help customers to assess the ESG performance of their suppliers to ensure that they are working with sustainable suppliers. This study investigates the impact of mandatory ESG disclosure on firms’ employment of social audits in terms of SMETA audits. We find that firms are more likely