Stock pledged loans have become prevalent among large shareholders of listed firms in China. The largest shareholder pledges a greater fraction of her holdings as collateral for credit when the firm is in growth industries, less profitable, not state owned, and has higher leverage. Stock...

In recent decades, great changes have taken place in residents’ lifestyle and consumption structure. Urban household consumption plays an increasingly significant role in promoting energy use and related carbon emissions. Communities are regarded as the basic part of city, and also units and...