Using unbalanced panel data on 3326 Chinese listed companies from 2014 to 2021, this study investigates the impact of corporate environmental performance on China's excess stock returns. The results show that stocks of companies with better environmental performance earn signifcantly higher...

Systematic risks in cryptocurrency markets have recently increased and have been gaining a rising number of connections with economics and financial markets; however, in this area, climate shocks could be a new kind of impact factor. In this paper, a spillover network based on a time-varying...

It has been widely believed that bond spreads are positively correlated with related market risks. However, some studies in China's urban investment bond (UIB) market indicate that an increase in real estate market risks usually narrows UIB spreads. This article focused on such puzzle and...

Based on Chinese industrial firms' data, this study found that state capital injection weakened the technological progress and management efficiency of private firms, which led to a reduction in enterprises' total factor productivity. State capital injection also increased the labor cost and...