The integration of urban and rural areas in China in the new period is a transformation process of the social and economic structure jointly promoted by new urbanization and rural revitalization. Focusing on Northeast China from 2004 to 2019, this paper reveals the characteristics and types of...

Using hedge fund returns and county-level religiosity data during 1996-2013, we examine the effects of local religious beliefs on hedge fund risk-taking behaviors. We find that local religiosity is significantly negatively related to both total and idiosyncratic volatilities of hedge funds, even...

Relying on a comprehensive data set of news releases, we construct monthly firm-level news sentiment scores during the 2000–2016 period and document a news momentum phenomenon of stocks with more positive news in the past generating more positive news in the future. We propose three hypotheses...

We investigate the short-term price impact of asset fire sales by corporate bond exchange-traded funds (ETFs) during the COVID-19 crisis, based on daily ETF holdings and flows data. We document that ETFs’ fire sales generate significantly greater price impact on their underlying corporate...

Individual’s time preference may be influenced by a variety of factors such as economic conditions. In this paper, we consider the time inconsistent preference triggered by the switches of firm’s profitability state and apply it to the model of dynamic agency and the q theory of investment....