ESG performance measures the long-term sustainability of a company's development, whereas managerial short-termism cause companies to overly prioritize short-term profits at expense neglecting sustainable development. This study on Chinese listed from 2009 2021 examines impact corporate performance. We found that significantly inhibits Furthermore, using text mining internal and external sentiment data, our findings suggest exhibiting negative in their annual reports financial news are more...

Abstract In response to the unprecedented uncertain rare events of last decade, we derive an optimal portfolio choice problem in a semi-closed form by integrating price diffusion ambiguity, volatility and jump ambiguity occurring traditional stock market cryptocurrency into single framework. We reach following conclusions both markets: first, mainly determine detection-error probability; second, is more significantly affected than trivially ambiguity. addition, investors tend be aggressive...

This paper examines the effect of climate policy uncertainty on default risk and documents a significant positive impact China's CPU corporate risk, sounds systematically aggravating with increasing term structure investigation. Our research also reveals that R&D investment, ESG performance firm financial constraints function as effective channels between risk. Besides, higher local development more managerial attention have mitigating effects relationship while state ownership has...

We construct a comprehensive set of 37 factors and employ battery 12 machine learning techniques to predict Bitcoin returns. investigate the importance their influence on model outputs by using advanced SHAP method. Our findings underscore superior predictabilities tree models, particularly random forest. However, neural network models markedly underperform models. The miner reserves market value realized ratio emerge as most important for both exerting significantly positive impact output....

This study introduces a novel model that incorporates ambiguous ESG information into the asset pricing framework, examining its impact on optimal demand, equilibrium expected excess return, and welfare of an investor. Our analysis reveals investor's response to insights performance significantly depends nature received. When confronted with negative lower investor opts for high-precision information, resulting in demand steeper growth slope demand. Conversely, higher chooses low-precision...

Financing through the sales of land, commonly known as land finance, is a major source revenue for local governments in China. We use dynamic stochastic general equilibrium model to analyze macroeconomic impacts China's reliance on finance. Our results indicate that excessive dependence finance can result inflated housing prices. also evaluate efficacy real-estate-loan-restriction policy and home-purchase-restriction implemented by Chinese government mitigate overheating market. findings...

This study introduces a novel model that incorporates ESG ambiguous information into the asset pricing framework and examines impact of on optimal demand, risk premium, welfare. Our research reveals an investor’s reaction to new performance depends significantly nature signal. When faced with bad signal, perceived as reliable, investor tends maintain smaller portfolio. Conversely, good often deemed unreliable, leads larger portfolio holdings. Furthermore, we identify 'ESG signal region'...