We examine the impact of a city’s cultural diversity on a firm’s tax avoidance (TA). Our findings suggest that when a firm is located in a culturally diverse city, it exhibits less TA than a firm located in a less culturally diverse city. The findings are robust to alternative metrics of...

Deep learning technology is rapidly adopted in financial market settings. Using a large data set from the Chinese stock market, we propose a return-risk trade-off strategy via transformer model. The empirical finding shows these updates in technology can improve the use of information related to...