We investigate the causal impacts of air pollution on analyst forecast accuracy around earnings announcements. Using the air quality index in analyst workplaces, we provide direct evidence of the following. First, air pollution significantly reduces analysts' earnings forecast accuracy in...

China has exerted great efforts in the past decades to fight against particulate matters and has achieved initial results, but ozone pollution has increased significantly. Using a unique diagnostic data of a peninsula city in China, this study evaluates the health effect of ozone pollution on...

We investigate whether and how government fiscal squeeze affects local firms’ pollution emissions. To establish causality, we introduce a policy shock in China, namely, the canceling of agricultural taxes in 2005, to document that governments’ fiscal squeeze due to sudden tax decreases...

This study investigates whether and how local air pollution shapes firm managers’ mobility when mass media raising public awareness. To establish causality, we introduce an exogenous shock of spatial changes for air pollution by conducting spatial regression discontinuity (RD) analyses across...