Outputs (74)

Analysts’ forecast anchoring and discontinuous market reaction: evidence from China (2024)
Journal Article
Fan, R., Xiong, X., Li, Y., & Gao, Y. (in press). Analysts’ forecast anchoring and discontinuous market reaction: evidence from China. The European journal of finance, https://doi.org/10.1080/1351847X.2024.2343113

Based on a comprehensive dataset of Chinese A-share stocks, we find significant evidence for analysts’ anchoring in China. This anchoring behavior exists only when forecasts are lower than the industry median and correlates to a series of analysts’ a... Read More about Analysts’ forecast anchoring and discontinuous market reaction: evidence from China.

Financial literacy and household financial resilience (2024)
Journal Article
Liu, T., Fan, M., Li, Y., & Yue, P. (2024). Financial literacy and household financial resilience. Finance research letters, 63, Article 105378. https://doi.org/10.1016/j.frl.2024.105378

Rising uncertainty has drawn researchers’ attention towards households’ anti-risk capacities. Using data from the China Household Finance Survey covering 2019 to 2021, this study investigates the impact of financial literacy on household financial re... Read More about Financial literacy and household financial resilience.

Recycling and/or reusing: when product innovation meets the recast of WEEE direct (2024)
Journal Article
He, J., Yan, W., Li, Y., & Lu, D. (in press). Recycling and/or reusing: when product innovation meets the recast of WEEE direct. International Journal of Production Research, https://doi.org/10.1080/00207543.2024.2317452

To deal with the growing amount of e-waste propelled by introduction of new products, increasing governments are considering amending take-back regulations to impose more stringent collection targets. Motivated by this trend, this study focuses on th... Read More about Recycling and/or reusing: when product innovation meets the recast of WEEE direct.

Climate Change Exposure and Bankruptcy Risk (2024)
Journal Article
Feng, F., Han, L., Jin, J., & Li, Y. (in press). Climate Change Exposure and Bankruptcy Risk. British Journal of Management, https://doi.org/10.1111/1467-8551.12792

This research documents that a firm's bankruptcy risk increases with its climate change exposure. This study further investigates the underlying mechanisms and finds that this effect is stronger for firms with lower operating cash flows or tighter fi... Read More about Climate Change Exposure and Bankruptcy Risk.

Human capital in the financial sector and corporate innovation: Evidence from China (2024)
Journal Article
Liu, G., He, F., Zhang, C., Akbar, S., & Li, Y. (2024). Human capital in the financial sector and corporate innovation: Evidence from China. The British accounting review, Article 101370. https://doi.org/10.1016/j.bar.2024.101370

This paper investigates how human capital in the financial sector affects corporate innovation. Based on China's National Economic Census in 2008, we construct a measure of the financial sector's human capital across prefecture-level cities and then... Read More about Human capital in the financial sector and corporate innovation: Evidence from China.

A decision making framework for joint replenishment and delivery scheduling problems under mixed uncertainty (2023)
Journal Article
Wang, G., Zhou, J., Pantelous, A. A., Liu, Y., & Li, Y. (2024). A decision making framework for joint replenishment and delivery scheduling problems under mixed uncertainty. Computers and Industrial Engineering, 187, Article 109835. https://doi.org/10.1016/j.cie.2023.109835

Concerning the essence of risk, a joint replenishment and delivery scheduling problem with fuzzy cost-related parameters and random number of imperfect quality items is developed to make it suitable for the inherent uncertainties of procurement-shipm... Read More about A decision making framework for joint replenishment and delivery scheduling problems under mixed uncertainty.

CSR performance and firm idiosyncratic risk in a data-rich environment: The role of retail investor attention (2023)
Journal Article
He, F., Liu, G., Hao, J., & Li, Y. (2023). CSR performance and firm idiosyncratic risk in a data-rich environment: The role of retail investor attention. Journal of International Financial Markets, Institutions and Money, 89, Article 101877. https://doi.org/10.1016/j.intfin.2023.101877

In the Chinese stock market, there are many retail investors who focus on short-term profits and may consider corporate social responsibility (CSR) differently from institutional investors. We find that CSR significantly reduces firms’ idiosyncratic... Read More about CSR performance and firm idiosyncratic risk in a data-rich environment: The role of retail investor attention.

Do green bonds affect stock returns and corporate environmental performance? Evidence from China (2023)
Journal Article
Fan, R., Xiong, X., Li, Y., & Gao, Y. (2023). Do green bonds affect stock returns and corporate environmental performance? Evidence from China. Economics letters, 232, Article 111322. https://doi.org/10.1016/j.econlet.2023.111322

We reveal the positive short-term stock market reaction to the announcement of green bond issuance, which does not exist for factual green bonds. For long-term performance, green bond issuance promotes corporate environmental information disclosure a... Read More about Do green bonds affect stock returns and corporate environmental performance? Evidence from China.

How does green credit policy affect polluting firms' dividend policy? The China experience (2023)
Journal Article
Li, Y., Liao, M., & Liu, Y. (2023). How does green credit policy affect polluting firms' dividend policy? The China experience. International review of financial analysis, 88, Article 102631. https://doi.org/10.1016/j.irfa.2023.102631

We explore how polluting firms alter their dividend policy in response to pressure from green credit policy. The green credit guidelines that China adopted in 2012 aim to promote credit supply in sustainable development. Meanwhile, this green credit... Read More about How does green credit policy affect polluting firms' dividend policy? The China experience.

The smog that hovers: Air pollution and asset prices (2023)
Journal Article
Guo, L., Han, X., & Li, Y. (2023). The smog that hovers: Air pollution and asset prices. Finance research letters, Article 103633. https://doi.org/10.1016/j.frl.2023.103633

Air pollution affects mental well-being (mood) and amplifies behavioral biases. We test the adverse impact of air pollution on asset prices through the lens of dual-listed stocks. Using regression analysis and difference-in-differences tests, we docu... Read More about The smog that hovers: Air pollution and asset prices.