ESG (environment, social, and governance) ratings provide an assessment of a firm’s sustainable performance. It is unclear how such ratings impact stock liquidity. Based on our analysis of Chinese A-share firms from 2016 to 2021, we find that ESG ratings are positively correlated with stock...

Using hand-collected data on the signature size of managers among Chinese initial public offerings (IPOs) from 2007 to 2019 to proxy for managerial narcissism, we examine how IPOs with narcissistic managers (narcissistic IPOs) impact IPO underpricing. The findings suggest that narcissistic IPOs...

Using a unique sample of Chinese business group firms required by the government to disclose double financial statements for the parent and its subsidiaries, we examine the impact of a decentralized decision structure on executive compensation and further tests its mechanism. Our findings show...