We develop a credit-risk model to study the informational role of investment in an economy susceptible to large liquidity shocks. Firms' investment decisions carry information about their asset quality, thereby mitigating informational frictions when firms enter bankruptcy. An increase in...

Purpose Human group behavior is the driving force behind many complex social and economic phenomena. Few studies have integrated multi-dimensional travel patterns and city interest points to construct urban security risk indicators. This paper combines traffic data and urban alarm data to...