Censorship is widely observed in both developed and developing countries across the globe. Many policymakers and platforms filter out certain sensitive content to reduce its consumption and the corresponding social damage. However, censorship cannot perfectly eliminate all sensitive content, and...

Consumers are often uncertain about their product valuation before purchase. They may bear the uncertainty and purchase the product without deliberation. Alternatively, consumers can incur a deliberation cost to nd out their true valuation and then make their purchase decision. This paper...

Using a sample of Chinese listed firms and a difference-in-differences research design, we examine how internal control reporting (ICR) affects firms’ bond cost. We find that, during the voluntary ICR period, bondholders only reward voluntary disclosers perceived as having higher quality of...

We examine the effectiveness of institutional investors in constraining aggressive earnings management induced by strong contractual incentives. To this end we focus on the consequences of earnings-related promises (covenants) negotiated between corporate controlling shareholders and minority...

This paper investigates the impact of banks’ social activities on their future stock price crash risk in an international setting. We propose two competing perspectives for the relationship. Signaling theory suggests that a high level of social engagement may signal high ethical standards of...