The Chinese central government has adopted a nationwide administrative allocation policy to reduce carbon and sulfur emissions. Using the ZSG-DEA (Zero-Sum Gain Data Envelopment Analysis) approach, this paper evaluates and compares the emission efficiencies of China's provincial CO2 and SO2, and...

This paper aims at an important gap in the literature, which has not modeled the effect of social learning in a real option context and examined uncertainty-reduction measures through social learning. This paper addresses the gap by modeling social learning as a way of reducing parameter...

Lacking the authority to raise debt on their own, Chinese local governments set up financing vehicles for urban construction and investment to issue the so-called chengtou bonds. While these bonds are commonly understood to carry implicit government guarantee, the identity of the guarantor is...

We investigate how state ownership affects a firm's term structure of yield spreads by examining SOEs in the Chinese bond market. Both Regular-SOEs and Policy-SOEs have substantially lower spreads than non-SOEs, and Policy-SOEs have even lower spreads than Regular-SOEs at shorter maturities, but...