The purpose of this study is to deepen our understanding of government directors' impact on firm performance. This study strives to answer whether government directors have different effects on accounting- and market-based performance. To correct for the endogeneity of government directors...

Based on the risk hedging perspective, this paper examines the impact of directors' and officers' liability insurance (hereafter referred to as D&O liability insurance) on the pricing of corporate bonds. We find that the purchase of D&O liability insurance can effectively reduce corporate bond...

This study uses a novel dataset from 54 countries and regions to explore how exposure to climate change regulatory shocks influences firms' debt costs. The findings reveal that such exposure generally increases the cost of debt. However, this scenario is reversed for firms that find greater...

Business cycles and economic growth have long been studied separately, hindering understanding of the nature and causes of economic fluctuations and growth. Here, we present an economic model that incorporates both deterministic trends and persistent fluctuations, derived from a general economic...

Share repurchase conveys information to investors and influences stock price in capital market. Normally when a company announces share buyback, the company's stock price will rise immediately. Thus, some insiders may take advantage of this pattern and create a fake repurchase event. When the...