This study uses a quasi-difference-in-differences strategy to examine the net impact of place-based carbon reduction targets on economic growth of 285 cities in China. The Luenberger indicator is calculated to measure low-carbon technology at the city level and identify the influencing...

Coordinating water and energy saving contributes to the sustainable development of China's industrial sector and alleviates the resource shortage risk. Taking the mandatory energy-saving targets outlined in the “11th Five Year Plan” as a quasi-natural experiment, in this study, the...

Enterprises’ investment response to China’s carbon regulation policy is essential to the country’s high-quality development. Using a difference-in-differences model, we investigate the differential impacts of China’s Low-carbon Pilot (LP) program on both state-owned enterprises (SOEs)...

This paper investigates two successive reforms in China -- 2001 board independence and 2005 share structure -- to study their joint effects on corporate performance as ownership concentration declines. We find that both independent directors and ownership concentration ratios are individually...

Controlling shareholders in China can divert assets from listed firms or coerce firms to serve as guarantors on questionable loans. A new rule was enacted prohibiting diversion for ‘non-operational' purposes, and firms complying with this rule experienced a reduction in related party...

A major threat to the development of financial markets in emerging markets is “tunneling.” In China, this took on the form of controlling shareholders diverting assets from listed firms or coercing firms to serve as guarantors on questionable loans. A new set of rules enacted in 2005...

Prior literature shows that earnings have come to explain less stock price movement over time, suggesting that firm fundamental information has become less important. In this paper, we replace earnings with earnings announcement returns as a measure of firm fundamental news and find that these...

We explore a unique regulatory change in China in 2007 that moves investment income in an income statement from below the line of operating income to above the line. We find that post-regulatory change, firms tend to report high investment income when core earnings (operating income excluding...