This paper develops and applies an equilibrium model that accounts for ESG demand and supply dynamics. In equilibrium, ESG preference shocks represent a novel risk source characterized by diminishing marginal utility and positive premium. Expected green asset returns are negatively associated...

Food safety incidents have the potential to result in a range of adverse health effects, including diarrhoeal diseases and various forms of cancer. Furthermore, they also have a disruptive effect on the economy, trade and tourism. As Beijing strives to become a global centre of politics, economy...

Travelers often acquire traffic information and update their route choices en-route. This study examines travelers' decision-making (regarding information acquisition and routing) and impacts of information, when travel times are uncertain in a road network with a mixed traffic flow of connected...

This paper studies the long-term effects of heterogeneous information provision on road networks with multiple information providers (IPs). To capture the information heterogeneity resulting from various IPs, we consider that users subscribing to different IPs receive non-identical information...

Recent literature has shown that corporate indebtedness affects firm-level investment behavior but not necessarily aggregate business cycles. I argue that interactions among heterogeneous firms play an important role in equilibrium. After a downturn, financially unconstrained firms in...

ChatGPT’s artificial intelligence (AI) has generated considerable debate and even panic in higher education. However, AI is an unavoidable trend in education that has the potential to subvert many courses’ pedagogical structure and methods. One such course is financial data science with...

PurposeFor Chinese companies that cross-list in Chinese A share and Hong Kong (H share) markets, the H share price has been consistently lower than the A share price by an average of 85% in recent years. This is puzzling because most institutional differences between the two markets have been...