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...

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...

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...