Senior Fellows/Fellows

Policy Interventions and China’s Stock Market in the Early Stages of the COVID-19 Pandemic

Steven J. DAVIS, Dingqian LIU, Xuguang Simon SHENG, Yan WANG
China’s stock market greatly outperformed other national markets during the first several months of the COVID-19 pandemic, and it did so even before it became evident that early containment efforts would flounder in the United States and many other countries. As to why, one view holds that aggress...
Keywords: stock prices, China, monetary policy, credit easing actions, stock market interventions, coronavirus, COVID-19
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Senior Fellows/Fellows

Personal Bankruptcy Law and Innovation around the World

Douglas CUMMING, Randall MORCK, Zhao RONG, Minjie ZHANG
Because corporate limited liability protects the founder’s personal assets, creditors often require founders of new, small and risky firms to contract around limited liability by pledging their personal assets as collateral for loans to their firms. This makes personal bankruptcy law (PBL) relevan...
Keywords: Personal bankruptcy law, innovation, patents, Cross-country study
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Payment Timeliness and Firm Performance

David HIRSHLEIFER, Ben LOURIE, Yifan LI, Thomas G. RUCHTI
Payment timeliness in trade credit transactions is a key metric suppliers use to monitor their buyers. However, firms are not required to disclose payment timeliness information. In theory, late payments could be either a positive or negative indicator of future performance. We find that late paymen...
Keywords: trade credit, non-bank lending, customer–supplier relationships, stock returns, private information, supply chain
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2021

Paying Attention to ESG: Evidence from Big Data Analytics

Andrew KAROLYI, Alan KWAN, Wendi HUANG
Environment, social and governance (ESG) issues are increasingly important to investors and ESG data have become the backbone of responsible investing. Yet, ESG ratings feature data quality issues with considerable dispersion among data providers. We propose a new measure based on attention to ESG i...
Keywords: ESG, Big data analytics, intent data, institutional investors.
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2015

Particles, Pollutions and Prices

Yupeng LIN, Oliver Zhen LI, Xiaoli HU
We investigate whether a sentiment effect arising from poor air quality impacts stock prices. We find little evidence suggesting that local air quality directly affects stock prices. However, we show that the local air quality index (which is increasing in air pollution) relative to that of Beijing ...
Keywords: China, Pollution, Stock Return, Behavioral bias
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