Using Chinese comment letters data, we investigate the impact of the disclosure of comment letters on the cost of debt financing. Empirical results show that when the comment letters are publicly disclosed, creditors charge borrowers significantly higher cost of debt financing. Furthermore, when...

As an important reform of supervision, the comment letter mechanism adopted by the Shanghai Stock Exchange and the Shenzhen Stock Exchange has been paid much attention by regulators and academics. Taking Chinese A-share listed firms from 2015 to 2018 as our samples, this paper investigates the...

In recent years, the amount of goodwill has been increased dramatically and become one of the difficult problems in academic and accounting practice. This paper focuses on the impact of goodwill on analysts’ forecasts. It is found that goodwill can increase the optimism and decrease the...

Environmental, social and governance (ESG) practices are pivotal to global sustainability yet face challenges. Based on the implementation of Golden Tax Project III, we find that big data tax administration decreases corporate ESG performance. Mechanism tests indicate that Golden Tax Project III...