This paper studies how economic policy uncertainty influences corporate investment for Chinese listed companies. We show that when the degree of economic policy uncertainty is higher, firms stand to lower their investment and vice versa. However, firms that have higher return on invested...

This study develops a new economic uncertainty (EU) index based on Chinese newspapers by addressing the media coverage bias of existing measures. The developed index refines the existing methods on measuring uncertainty by taking special characteristics of China into consideration, which turns...

We study how professional fund managers' growth expectations affect the actions they take with respect to equity investment and in turn the effects on prices. Using novel data on China's mutual fund managers' growth expectations, we show that pessimistic managers decrease equity allocations and...

This paper studies how economic policy uncertainty affects corporate capital structure for Chinese listed firms from 2003 to 2013. We show that when the degree of economic policy uncertainty increases, firms tend to lower their leverage ratios. However, firms that are from regions with lower...

Accurate measurements of economic policy uncertainty (EPU) are essential for understanding and predicting economic dynamics. In this study, we use text convolution network, an advanced natural language processing method, to develop an innovative monthly index of EPU. It is explored that this...

Newspaper text has become one of the critical data sources for measuring economic policy uncertainty. In some cases, newspaper discussions of policy uncertainty are expressed in subtle and implied ways. Hence, it is necessary to mimic market practitioners to process and identify perceived,...

We develop indices of Twitter-based Chinese Climate Uncertainty (TC-CU) and Climate Policy Uncertainty (TC-CPU). Our indices spike with climate change-related president announcements, UN climate change conferences, climate change-related flood deaths, warning about melting glaciers in China's...