All Outputs (8)

Market Behaviors under the Stock Index Circuit Breaker using an Agent-based Approach (2024)
Journal Article
Dong, X., Li, H., Zhou, J., & Li, Y. (in press). Market Behaviors under the Stock Index Circuit Breaker using an Agent-based Approach. Journal of Systems Science and Systems Engineering, https://doi.org/10.1007/s11518-024-5621-0

In this paper, we combine an agent-based model of multi-asset stock market with circuit breaker mechanism and empirical analysis of S&P 500 Index to study market behaviors under the circuit breaker. The artificial stock market model can reproduce the... Read More about Market Behaviors under the Stock Index Circuit Breaker using an Agent-based Approach.

The impact of climate policy uncertainty on stock price synchronicity: Evidence from China (2024)
Journal Article
Li, M., Han, X., & Li, Y. (2024). The impact of climate policy uncertainty on stock price synchronicity: Evidence from China. Finance research letters, 69, Article 106166. https://doi.org/10.1016/j.frl.2024.106166

This paper examines the broad impact of climate policy uncertainty (CPU) on stock price synchronicity (SYN) using a newly developed news-based index. Our analysis covers listed firms in China from 2000 to 2022. We find that CPU significantly and nega... Read More about The impact of climate policy uncertainty on stock price synchronicity: Evidence from China.

Social responsibility and corporate borrowing (2024)
Journal Article
Liu, H., Li, Y., Xiao, Y., Xiong, X., & Zhang, W. (in press). Social responsibility and corporate borrowing. The European journal of finance, https://doi.org/10.1080/1351847X.2024.2377356

We study the impact of social capital, measured by corporate social responsibility (CSR) performance, on corporate borrowing. Using a sample of 120,204 bank loan applications of China's listed firms, we find that an increase in CSR performance increa... Read More about Social responsibility and corporate borrowing.

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.