This study provides a comprehensive analysis of the effects of Computer-based Trad-ing (CBT) on Treasury bond expected returns. We document a strong relationship between bond expected returns and the overall intensity at which CBT takes place in the Treasury market. Investing in bonds with the...

In this paper, we are interested in exploring the role of price impact, derived from the order book, in modeling and predicting stock volatility. This is motivated by the microstructure literature that focuses on the mechanics of price formation and its relevance to market quality. Using a...

The impact of political experience on corporate innovation is well studied, however no one has studied the impact of political intensity on innovation. This paper constructs an index of the intensity of political connection and explores the nonlinear impact of political connections on corporate...

The impacts of climate change on agricultural production in the People's Republic of China (PRC) are significant, and differ across regions and crops. The substantial regional differences will induce changes in the agricultural interregional trade pattern. In this paper, we investigate the...

This study examined the influence of managerial ability on corporate innovation performance. Our findings suggest that higher levels of managerial ability significantly enhance an enterprise's innovation performance, while managerial risk taking has the potential to not only inhibit the...