We develop a unified framework to connect cash holding, debt maturity and mergers and acquisitions. We provide empirical support for four internally consistent predictions: i) equity and debt values of highly distressed firms are more sensitive to cash reserve than those of healthy firms; ii)...

Bank runs are always associated with economy failure and investor panic in the literature. This paper explores the relationship between technology innovation and bank runs in a general equilibrium model. Intuitively, in a stable economy, which says no technology innovation, the return of capital...

Employing geopolitical risk historical indices (GPR) developed by Caldara and Iacoviello (2022), this study investigates the relationship between GPR and information asymmetry, finding that GPR enlarges bid-ask spreads with increasing uncertainty about firm value. Empirical results indicate that...

The initial allocation of carbon emission rights among different generating units is an important element in the initial stage of the construction of the carbon emission market for the power system, and is also the focus of attention in the construction of the current carbon market for the power...

This paper analyzes the relationship between the proportion of institutional investors' shareholding and the probability of stock manipulation using 252 cases of manipulation disclosed in public administrative penalty decision of the China Securities Regulatory Commission (CSRC) from 2007 to...

Synthetic biology enabling technologies have been harnessed to create new diagnostic technologies. However, most strategies involve error-prone amplification steps and limitations of accuracy in RNA detection. Here, a cell-free synthetic biology-powered biosensing strategy, termed as SHARK ( S...