We evaluate the association between intangible intensity and stock price crash risk for U.S. listed firms from 1983 to 2017. The results show that intangible-intensive firms are associated with high crash risk. The decomposition of intangible intensity identifies goodwill as the driving force...

We investigate the association between fund exposure of economic policy uncertainty (EPU) and flows of exchange-traded funds (ETFs) using a unique sample of U.S. global ETFs from 2012 to 2018. We find that fund exposure of EPU is negatively associated with flows after controlling for returns,...

Using a sample of Chinese listed firms from 2003 to 2018, we show that firms with a high dependence on government subsidies exhibit large stock price crash risk. We establish causality of government subsidy dependence on crash risk using instrumental variable regression and a...

We evaluate the financial risk and explore potential motivation of pervasive external guarantee activities. Using a sample of Chinese A-share listed firms during the period from 2008 to 2017, we find a positive association between external guarantees intensity and stock price crash risk. High...

We evaluate the effect of the Central Environmental Protection Inspection (CEPI) in China on green innovation for Chinese A-share firms from 2007 to 2019. The results of the difference-in-differences estimation show that the CEPI has a long-term positive effect on corporate green innovation in...

We examine the role of political uncertainty in executive compensation for Chinese listed firms from 2005 to 2018. Using detailed disclosure of turnover of chief officials at the municipal level, we find that political uncertainty reduces executive compensation-performance sensitivity. The...