This study examines how investor sentiment and information transparency jointly shape informational efficiency in China’s A-share market. Using a monthly panel of major CSI stock indices from 2008 to 2023, we measure market efficiency through a...
We examine how restricting high-frequency trading (HFT) affects stock liquidity in China’s A-share market. Using China’s 2024 Provisions on Program Trading in the Securities Market (Trial) as a quasi-natural experiment, we construct a sto...
This study examines whether environmental, social, and governance (ESG) performance enhances firm value in China’s A-share market, how this relationship operates, and under what conditions it becomes stronger. Drawing on stakeholder theory, the...
This study explores the time-varying influence of Environmental, Social, and Governance (ESG) factors on asset pricing in China’s A-share market from 2017 to 2023, integrating investor heterogeneity categorized as ESG-unaware (Type-U), ESG-awar...
We examine the effect of directors’ overseas experience on foreign investors’ holdings using a large panel of Chinese listed firms from 2009 to 2022. We find that firms with a higher proportion of overseas-experienced directors exhibit si...
We investigate the impact of green credit policies on pollution-intensive enterprises from a new perspective. Empirically, we utilize the issuance of China’s green credit policy in 2012 to construct a quasi-natural experiment. The results show...
Illegal and irregular behavior restricts the development of listed companies. Digital technology provides new opportunities for corporate governance, including the management of corporate violations, and companies are utilizing the “digital exp...
Environmental information disclosure (EID) serves as a key indicator for assessing corporate green progress and is a central pathway for advancing the synergy between economic and environmental systems. Clarifying the mechanism through which climate...
22 September 2022
Whether the company’s R&D expenditure has the green attribute is the focus of current environmental economics research. This paper empirically tests the relationship between R&D expenditure and CO2 emission intensity by taking Chinese A...
This study investigates the impact of director network stability on corporate green innovation, emphasizing the moderating roles of network position and media attention. Using a sample of Chinese A-share listed firms from 2009 to 2023, we present thr...
This paper selects firm downside risk and firm upside risk as proxy variables of enterprise risk, and the proportion of independent directors as a proxy variable of board governance. Using the panel data of Chinese listed companies from 2010 to 2019,...
With the continuous deepening of the financialisation level of Chinese enterprises, the output of capital-deepening enterprises is inevitably affected. Taking A-share listed companies on the Shanghai and Shenzhen Stock Exchanges in China from 2007 to...
Moving towards the high end of the global value chain (GVC) is an inevitable trend of the development of Chinese enterprises, and the level of enterprises’ risk-taking behavior is directly related to their profit acquisition in the global value...
Against China’s dual-carbon goals, carbon emissions and pollution transfer across supply chains hinder systemic low-carbon transformation; the prior literature on ESG and corporate environmental investment mainly focuses on individual firm-leve...
This study examines the empirical relationship between unusual trading volume and earnings surprises in China’s A-share market. We provide evidence that an unusually low trading volume can signify negative information about firm fundamentals. M...
Based on the data of A-share listed companies in China, this paper examines how China’s regional carbon emissions trading scheme (ETS) affects the resource allocation efficiency of China’s provincial heavily polluted industries through th...
Environmental, social responsibility, corporate governance (ESG) are increasingly becoming the consensus of enterprises’ development. However, whether the ESG indices of enterprises can improve their performance on stock market is rarely studie...
In recent years, high-frequency trading has become increasingly popular in financial markets, making the dynamic modeling of the limit book and the optimization of market maker strategies become key topics. However, existing studies often lacked deta...
As the green bond market in China develops and its institutional structure improves, the green bond has emerged as a pivotal element within the broader framework of the green financial system. We focus on bond issuers in China’s A-shares from t...
The stock market is a complex system with unpredictable stock price fluctuations. When the positive feedback in the market amplifies, the systemic risk will increase rapidly. During the last 30 years of development, the mechanism and governance syste...
Convertible bond financing has gained significant traction in China’s capital market, yet it poses financial risks, particularly for highly leveraged firms. This study investigates how corporate financial traits influence the decision to issue...
Environmental issues have received worldwide attention in recent years, and a large body of literature has focused on environmental regulations and business innovation. However, very few studies examine the effects of market-incentive-based environme...
This study employs the TVP-VAR-BK-DY spillover index model to investigate the risk spillover effects between China’s carbon emission trading system (ETS) pilots and A-share listed emission-regulated enterprises. The findings reveal that, due to...
This study examines the sustainability of financial integration between China (represented by Shenzhen and Shanghai) stock markets and Hong Kong stock market over the period of pre and post launch of the Stock Connect Scheme. This paper aims to fill...
China’s economy has experienced a period of remarkable growth and entered a stage of high-quality development, necessitating the implementation of innovative eco-friendly practices involving green technology innovation. The capital market envir...
The Chinese stock market is replete with numerous omitted variables that can introduce biases in the standard estimation of risk premiums when traditional linear asset pricing models are applied. The three-pass method enables the estimation of risk p...
The Chinese stock market, marked by rapid growth and significant volatility, presents unique challenges for investors and analysts. A-share stocks, traded on the Shanghai and Shenzhen exchanges, are crucial to China’s financial system and offer...
27 January 2023
To achieve China’s “dual carbon” and common prosperity goals, corporate green governance is crucial. A key tool for promoting green growth is environmental legislation, particularly market-based regulation. With China’s carbon...
Private enterprises are major contributors to China’s market economy. In order to ensure the sustainability of economic development, China pays more attention to the role of science and technology in promoting the sustainability of the private...
This paper aims to tackle the problem of low accuracy in predicting financial distress in Chinese industrial enterprises, attributable to data imbalance and insufficient information. It utilizes annual data on systemic risk indicators and financial m...
This study explores the risk nexus between the US dollar (USD) market and China’s major financial assets through a co-higher-order testing framework with market regime switching. Specifically, we utilize robust statistical measures such as co-s...
To investigate the mechanism of improving corporate sustainable development, this paper uses the sample data of Shanghai and Shenzhen A-share listed companies between 2008–2017 and empirically investigates the effect of institutional investors&...
As global climate change progresses and the “dual carbon” strategy advances, market-based carbon emission trading systems are of great theoretical and practical importance for green technology innovation. In this paper, A-share listed adv...
Intelligent transformation plays a crucial role in advancing sustainable development in manufacturing while also enhancing the information environment. This study examines the role of intelligent transformation in China’s manufacturing sector,...
Using a sample consisting of China’s listed manufacturing companies which issue A-shares on the Shenzhen and Shanghai stock exchanges from 2008–2014, this study empirically tests the relationship between board chairman’s political connections and the...
Since the COVID-19 outbreak, the global economy has undergone profound changes, and China’s real estate market has experienced dramatic turbulence. In order to stabilise the national economy during the epidemic, China’s macro-controls on...
This study explores the impact of China’s low-carbon city policy on employment using a quasi-natural experiment approach based on microdata from A-share listed companies (2007–2021). The findings indicate a statistically significant posit...
This study investigates the causal impact of stock price crash risk on the cost of equity (COE) in China’s segmented A- and B-share markets with an emphasis on ownership structures and market regimes. Employing a bootstrap panel Granger causali...
Market-based environmental regulations are increasingly vital for driving green transitions. As a major construction economy and the world’s leading carbon emitter, China launched its Carbon Emission Trading System (CETS) to advance dual-carbon...
Against the backdrop of China’s dual-carbon goals and the growing emphasis on sustainable development, ESG information has become an important non-financial signal in capital markets; yet whether and how it is priced by investors remains unclea...
Global warming threatens sustainable human development, and carbon emission rights trading (CERT) has emerged as a key market-based tool for reducing emissions. Yet evidence on how CERT affects corporate green innovation—especially high-quality...
As the concept of balancing environmental protection and maintaining sustainable economic development has been widely recognized, the green bond is assuming an increasingly significant role within China’s financial market. We utilize the data f...
Sustainable development has become an important global goal for environmental protection and economic growth. Promoting environmental sustainability and green development has become an inevitable trend for global economic transformation. The carbon e...
Using the data of companies from heavily polluting industries listed on China’s A-share stock market from 2011 to 2022, this paper empirically investigates the impact of consumer environmental preference on green technological innovation. The r...
Grounded in the Supply Chain Innovation and Application Pilot Policy, this study examines listed companies on China’s A-share market from 2009 to 2023, employing a difference-in-differences model to analyze the impact of supply chain digitaliza...
Against the backdrop of high uncertainty in the economic environment, corporate resilience is not only a key guarantee for enterprises to build their own competitive advantages, but also a vital cornerstone for China’s economy to achieve high-q...
As an essential innovation in China’s environmental governance, the central environmental protection inspector policy (CEPI) plays a crucial role in driving the development of the corporate responsibility system. Using the difference-in-differe...
As a pivotal market-based instrument for achieving sustainable development and carbon neutrality goals, China’s Energy-Use Rights Trading Policy (EURT) was implemented to incentivize corporate energy efficiency and emission reduction. Using the...
At the intersection of the digital economy and sustainable development, FinTech emerges as a pivotal force reshaping corporate operations. However, existing research lacks a systemic analysis of how technology, organizational synergy, and environment...
China’s environmental, social, and governance (ESG) actions are driven by multiple factors, among which the government is an indispensable key player. This paper empirically examines the impact of government environmental information regulation...
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