This paper documents a new dollar channel that transmits monetary policy across borders. Exploiting unique features of the syndicated loan market for identification, we show that changes in the euro-dollar exchange rate around ECB monetary policy announcements that are orthogonal to simultaneous...

Housing is one of the most important asset classes in developed economies, playing a central role in driving the credit cycle, the transmission of monetary policy, and overall economic activity. Our understanding of house price dynamics, particularly in the euro area, typically focusses on...

Multinational companies are increasingly under pressure to integrate decarbonisation into their business models as a sign of climate leadership and as a strategy for their long-term value. Institutional investors play a key role in this, both directly, by influencing the adoption of...

Despite recent government-led initiatives to improve investor access and encourage participation by local businesses, capital markets in Oman remain relatively small and illiquid and the investor base remains dominated by domestic banks and pension funds. This paper reviews the experiences of...

We use Chinese A-share listed firms in the high-pollution industry from 2013 to 2021 as the research sample to explore the impact of investor attention on corporate environmental responsibility. We find that investor attention positively affects corporate environmental responsibility. The...

This paper studies the rapid increase since 2019 of Government of Canada (GoC) debt issuance alongside greater hedge fund participation at GoC bond auctions. We find a systematic relationship between GoC debt stock and hedge fund bidding shares at auction. We attribute this to hedge funds'...

Institutional investors, such as investment funds, are playing an increasingly important role in residential real estate markets. This raises the possibility that their actions might drive aggregate market outcomes and may change how and which macrofinancial shocks transmit to house prices. In a...

This paper documents a new dollar channel that transmits monetary policy across borders. Exploiting unique features of the syndicated loan market for identification, we show that changes in the euro-dollar exchange rate around ECB monetary policy announcements that are orthogonal to simultaneous...

Dividends allow shareholders to receive investment returns; however, Chinese listed companies are often reluctant to share profits with external minority shareholders, instead channeling funds into "tunneling" activities of major shareholders. By examining the China Securities Investor Service...

The potential risks associated with controlling shareholders' equity pledges pose significant challenges to capital market stability and development. Therefore, effective mechanisms to constrain equity pledges have become a key focus of scholarly investigation. This study examines the impact of...