Using an aggregate credit spread index, we find that it has substantial predictive power for corporate bond returns over short and long horizons. The return predictability is economically and statistically significant and robust to various controls. The credit spread index and its components...

This study takes the central, provincial and municipal Environmental Protection Interviews (multi-hierarchical EPI) as a mechanism innovation for precise environmental regulation in Yangtze River Delta (YRD) and constructs a multi-cutoff regression discontinuity design to accurately measure the...

The COVID-19 brings about a great quantity of digital entrepreneurs in China. In the fierce competition, positive psychological capital can better help them adjust emotions, cognition and behavior. However, little is known of how to improve the digital entrepreneurial psychological capital...

Due to the inherent complex tensions in General Purpose Technology (GPT) in emerging industries, namely those between "generality" and "emergance," firms in emerging industries often face the dilemma of choosing distant search or local search in GPT innovation. The core research question of this...

This book explores the environmental competitiveness of 133 countries around the world, presenting an index evaluation system to facilitate a comparative analysis of environmental competitiveness on a global scale. This is a new way to measure competitiveness in the light of the contradiction...

Information asymmetry in the anonymous informal finance market drives the lenders to screen the borrowers by disclosed information. Using data from a powerful online peer-to-peer lending platform, we study the effects of formal financing records on successful funding and default outcomes in the...

The recent Russia-Ukraine conflict has caused fluctuations in European energy prices and supply. Natural gas possesses a large portion in the Russian European energy trade restricting the industrial and social production of both sides. This paper analyzes the current situation of natural gas...

We test whether differences in the background characteristics of firms' chairperson and CEO can reduce management agency costs. We find that when the chairperson is older, has a higher level of education, and has more overseas experience than the CEO, the management agency costs will be lower. A...

The concept of public space can be variously defined and understood from diversified perspectives. However, no matter which definition may be used, the most fundamental character of the public space is its publicness. This paper reviews the definitions and dimensions of publicness from both...