We explore the relation between government integrity and firms' investment efficiency in the context of China's deepening reforms and its strengthening the social credit system. We find that government integrity is positively associated with the investment efficiency of listed companies in...

In contrast to the global average level, we find that service industry in China is underdeveloped. Its development level is rather low compared with not only developed countries at the same level of GDP per capita in the history, but also other similar developing countries at present. We define...

Online word-of-mouth (WOM) has attracted considerable attention from researchers due to its abundant information on customer perceptions that drive product and service improvement. This study develops a novel weighted service quality (WSQ) metric derived from online customer opinions, leveraging...

Humans are social animals but sometimes stay alone. The paper investigates the connection between an intraperson game and an interperson interaction. Motivated beliefs supplied from memory management due to present bias in the individual investment problem give rise to a positive spillover on...

This paper discusses the key considerations of CBDC design to balance benefits and risks and presents best practices in CBDC design from a global perspective. Using China's CBDC as an illustration, this paper discusses two-tier or multi-tier ledger design and proposes ten enablers of mass...

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...

Using the minute-frequency data of the top 30 coins listed on Binance, which represent 86% of the total dollar trading volume of the cryptocurrency market, we document strong evidence of cross-cryptocurrency return predictability. The lagged returns of other cryptocurrencies serve as significant...