Using the implementation of the "Guidelines for Establishing the Green Financial System" (GEGFS) released in China in 2016 as a natural experiment, we adopt the difference-in-differences (DID) method to explore the influence of a green finance (GF) policy on the green transition of enterprises...

Under the background of how the green financial system can contribute to the goal of carbon peaking and carbon neutrality, this study explores the relationship between green investment funds (GIF) and corporate green innovation (CGI). We proposed the logic of social value to explain the green...

The cost of equity capital (ICC) is a crucial component of investment decisions and corporate performance evaluations. This study explores the effect of a region's religious atmosphere on ICC and finds that ICC tends to be lower when stronger religious atmosphere is created. We further use the...

This study examines the effect of foreign investment on firms’ information quality. We use a unique setting—the Shanghai-Hong Kong Stock Connect Program in China—that provides an exogenous shock to foreign investment and allows global investors to trade on stocks that were previously...

Using Chinese comment letters data, we investigate the impact of the disclosure of comment letters on the cost of debt financing. Empirical results show that when the comment letters are publicly disclosed, creditors charge borrowers significantly higher cost of debt financing. Furthermore, when...