Building on the investment-based asset pricing framework, we show that firms’ ability to timely scale down their operations reduces the sensitivity of their equity value to large adverse productivity shocks. Using U.S. data in the times of the COVID-19 pandemic, we provide empirical evidence...

Recently, various environmental problems have been generated with the rapid economic development in China. That's because China currently over-emphasized economic development beyond environmental issues; therefore, now it is important to enforce optimal environmental policies in order to achieve...

The book aims at perfecting the national governance system and improving national governance ability. It evaluates the balance sheets of the state and residents, non-financial corporations, financial institutions and the central bank, the central government, local government and external sectors...

Corona Virus Disease 2019 (COVID-19) can cause the patients' condition to become serious at some check-point, and thus patients need the intensive care unit (ICU) intervention to survive. The resulted urgent and extensive needs of ICUs posed significant risks to the management of the medical...

Introduction: China is facing significant health care challenges, not only with infectious diseases but also with the burden of chronic diseases. Particularly in rural China, its residents are facing serious problems in seeking health care services due to their limited healthcare resource and...

While the relationship between oil prices and stock markets is of great interest to economists, previous studies do not differentiate oil-exporting countries from oil-importing countries when they investigate the effects of oil price shocks on stock market returns. In this paper, we address this...