This applied research paper is written by Chang Ma (Fudan University), Alessandro Rebucci (Johns Hopkins University) and Sili Zhou (University of Macau).Even without complete financial liberalization, China can exert an influence on global equity markets through its pivotal role in world markets...

This applied research paper is written by Yinghua Fan (City University of Hong Kong), Guanhao Feng (City University of Hong Kong) and Dashan Huang (Singapore Management University).This paper exploits a unique scheme of the China Stock Connect for daily-level and stock-level holdings of...

This applied research paper is written by Brian Viard (Cheung Kong GSB) and Gang Zhang (Cheung Kong GSB).We examine the effects of financial deregulation in a developing economy on the ESG performance of publicly listed firms. Increased foreign ownership of Chinese firms under the Shanghai and...

This applied research paper is written by Shaojun Zhang (The Ohio State University).The carbon premium refers to the excess return associated with brown firms and is the focus of several recent influential studies. This paper finds negative excess return associated with carbon intensities, but...

This applied research paper was written by Claire Yurong Hong (Shanghai Jiao Tong University), Frank Weikai Li (Singapore Management University) and Avanidhar Subrahmanyam (University of California, Los Angeles)

This applied research paper was written by Sean Foley (Macquarie University), Bernt Arne Ødegaard (University of Stavanger), Jiri Svec (University of Sydney) and Angelo Aspris (University of Sydney). The outbreak of the COVID-19 pandemic caused some of the largest — and fastest —market...

This applied research paper was written by Kai Li (Peking University HSBC Business School) and Tingyu Yu (The Hong Kong University of Science and Technology, Southern University of Science and Technology). We construct various measures of firm-level climate risk exposure by utilising two natural...

We analyse the risk and return relationship of firms sorted by environmental and social (ES) ratings. We document that ES ratings do not have a statistically significant relationship with either average stock returns or unconditional market risk measures. Firms with high ES ratings have...