We investigate the effect of commodity financialization on firm’s idiosyncratic risk. Our results reveal a positive effect of commodity financialization on firm’s idiosyncratic risk. Derivative usage and diversification strategy can negatively moderate the positive effect. Moreover, the...

In this study, we show that changes in profitability predict a firm's stock returns and future profitability. We construct three horizon-based profitability changes, including short-, medium-, and long-term changes. We find that the predictive information for short-term changes in profitability...

This paper analyzes the influence of downside risk on defaultable bond returns. By introducing a defaultable bond-trading model, we show that the decline in market risk tolerance and information accuracy leads to trading loss under downside conditions. Our empirical analysis indicates that...

This study investigates the role of analysts on the relationship between trend information and cross-sectional returns. Our results show that the trend information about past price and trading volume significantly predicts future stock returns in the Chinese stock market. The trend effect is...

This study investigates the relationship between quality acceleration and cross-sectional returns, and explores the source of quality acceleration effect. We provide empirical evidence that quality acceleration positively and significantly predicts subsequent stock returns, and this predictive...

Adverse effects of the global financial crisis on international trade include falling demand, increased trade protectionism, and drying up of trade finance. Much attention has focused on the impact of the crisis on goods trade; however literature on its impact on services trade is limited,...

There is an urgent need to mitigate global warming for all countries around the world. The People’s Republic of China (PRC) has announced a series of energy and climate policy targets in contributing its efforts toward meeting the ambitious goals in the Paris Agreement and the newly pledged...

In light of increased economic integration and global warming, addressing critical issues such as the role of multilateral climate policies and the strategic interaction of countries in climate negotiations becomes paramount. We thus established for this paper an open economy environmental...

Many countries have introduced policy measures, such as carbon pricing, greenhouse gas offsetting mechanisms, renewable energy standards, and energy efficiency improvements, to achieve their climate change mitigation targets. However, in many instances, these measures overlap in ways that may...