Employing the news-based economic policy uncertainty (EPU) Index of Baker, Bloom, and Davis (2016) and quarterly data of Chinese listed companies, we find that an increase in EPU raises the average debt-to-asset ratio of state-owned enterprises (SOEs) but lowers that of private-owned enterprises...

This study examines the role of institutional common owners on a firm's cost of equity capital. Following the theoretical and empirical literature on common ownership, we hypothesize that common owners could reduce a firm's cost of capital by reducing product market competition and improving...

Using a global dataset, we document that market-level climate vulnerability is positively associated with stock price crash risk of individual firms. We establish causality by using an instrumental variable analysis and difference-in-differences analysis. Furthermore, we show that an increase in...