This paper decomposes news-implied linkages into two types: leader-follower links (LF) and peer links (PE), based on people's reading and information-processing habits. We explore how the structure of information impacts processing costs and subsequently leads to market outcomes by examining momentum spillover effects via these distinct linkage types. Our findings indicate that the information structure of leader-follower links is more readily comprehensible to investors than peer linkages. We provide empirical evidence of this by demonstrating faster attention spillover from leader to follower than among peer firms, using Baidu search data. Furthermore, we document that due to the lower information processing cost, information transmits through the leader-follower linkages more quickly, leading to a weaker momentum spillover effect compared to the more complex and less easily perceivable peer links.

Overseas compliance management is crucial for multinationals to operate with high character, but existing research has paid little attention to emerging multinationals’ overseas misconduct. Focusing on different directions and the interaction of the institutional gap and aspiration gap, we conducted an empirical analysis of a sample of Chinese multinationals who engaged in outward direct investment from 2009 to 2021 and found that in the case of a negative institutional gap, there is a positive linear correlation between a positive/negative aspiration gap and overseas misconduct. In the case of apositive institutional gap, there is a U-shaped relationship between a positive aspiration gap and overseas misconduct, and an inverted U-shaped relationship between a negative aspiration gap and overseas misconduct. Research conclusions bridge the divergence of the institutional paradox and aspiration paradox, provide a nuanced understanding on overseas misconduct, and distinguish different situations to guide emerging multinationals to operate in compliance overseas.

We conduct a comprehensive study on momentum spillovers in the Chinese stock market using varioustypes of economic linkages. We find that the news co-mention momentum spillover is signiffcantly strongercompared to other forms of momentum spillovers. Using spanning tests and Fama-MacBeth regressions,we further show that the news co-mention momentum spillover uniffes all different forms of momentum spillover effects in the Chinese stock market. Notably, the analyst co-coverage momentum spillover effect, which is the dominant species in the US stock market, is subsumed by the news co-mention momentum spillover effect in the Chinese stock market. We further explore the differences in the information content of links implied by news co-mentioning and other proxies. We suggest that the dominance of news co-mention momentum spillover over others can be attributed to two primary factors: comprehensive information and prompt updates.

This paper uses the IV-2SLS model to explore the impact of analyst attention on firms' internal and external innovation paths from a dynamic perspective of the life cycle. When firms are in the growth stage, the higher the analyst attention, the more firms will significantly increase their internal R&D efforts and make active technology acquisitions; As firms enter maturity, analyst attention plays a role in promoting R&D investment and corporate venture capital activities; When enterprises are in the recession period, firms are more inclined to innovate independently under the influence of analyst attention. This bias is more significant in non-state enterprises and high-tech enterprises. Further study finds that the interaction between analyst attention and firms' innovation path under different life cycles effectively enhances innovation output.

Background and objective:In southern China, in 2021, there have been being in hot Summer in more than 67 cities, counties or areas, with the hot temperature 30 degrees Celsius and more than 30 degrees Celsius with the highest as 34 degrees Celsius.After the Chinese lunar year and the 24 Solar Term, the beginning of winter has passed 5 days. And there have 23 cities, counties or areas which the temperature have reached the highest 34 degrees Celsius. Which all are rare in the weather history in China in the aspects of the highest temperature as 34 degrees Celsius and in large part of southern China in early Winter. As the World Health Organization, the United Nations and the world have been striving for preventing and curing the climate changes. And have been paying special attention to the health impacts by the climate changes. In China, after the history hottest Summer suffered from by the Chinese in 2022. The Chinese have been continuing to suffer from the hottest temperature like Summer in the early winter. So the weather in China is not normal comparing to the post years. And it is sure that the climate changes impacts on Chinese in China in 2022 have been evidenced. As I have been being a senior doctor treating and preventing patients and promoting the public health more than 35 years. I have the duty and the motive to do something to prevent and cure the climate changes and their impacts on public health. So in this research I especially create and propose a new draft law, the China climate changes prevention law, to speed, administrate and guard China doing well in preventing climate changes in China and the world. Methods: Summarized the public health promotion and environment protection in China and in author own doing. Referenced the present new situation of climate changes in China and the world. Created the China climate changes prevention law in draft and in central strategies. Results: The China climate changes prevention law in central strategies as follows: 1.In order to prevent and cure the climate changes and their impacts on public health and mankind, the China climate changes prevention law must be created as soon as possible. 2.All Chinese people and every government department and any unit must pay special attention to the climate changes and their impacts on public health and mankind. And must be consider it as the first doing job among the all works in any unit. 3.China own scientific research must be done as early as possible and as deeply as possible to find the etiology and mechanism of the climate changes and their impacts on public health and mankind. When the etiology and mechanism research have gained achievements. The application must be done as soon as possible. 4.The present achievements of etiology and mechanism of the climate changes and their impacts on public health and mankind must be applied as soon as possible. 5.All the policies of the United Nations and its organizations for controlling the climate changes must be signed and applied totally and completely as soon as possible. 6.China should be the leader of controlling the climate changes in the world. The significant China strategies must be contributed to the world for controlling the climate changes as soon as possible as China is the biggest country in population. 7.From birth and kindergarten to the time before death,the knowledge of environment protection and climate changes prevention, cure must be educated constantly to every Chinese. 8.The precondition for organizing any new unit and old unit must pass the exam of climate changes prevention. The concrete policies must be created and documented. 9.All over the China, the inspection stations must be built to monitor the climate changes wrongly doing. 10.Regulations and their process must be built to punish any anti law doers who promote the the climate changes. Also, reward any people and units who have contributed significantly to the prevention of climate changes. 11.Cooperation with internationals must be indispensable. 12.As the village of the Earth, open policies must be built to let internationals to inspect, learn,study and cooperation,etc. in China. 13.As the climate changes impacts on the Chinese and the mankind, the medical support, research, prevention, treatment, education and other health promotion policies must be created and built to protect the Chinese and the mankind from harming by the climate changes. The universities, hospitals, institutes should operate the climate changes impacts medical science. 14.Summarizing the doings of the climate changes prevention constantly to make progress further. 15.Liberating the thoughts of the leaders and the ordinary people, throwing away any selfish doing of only pursuing own country economic development at the price of world climate changes impact worse in the Earth and the space. Conclusion: The China climate changes prevention law in draft comes from the candid invention of the author by summarized the present situation of climate changes impacts in China and the world. The 15 paragraphs of the new China climate changes prevention law is valuable, as up to now, China has not built this kind of law. This proposal of the new China climate changes prevention law is worthwhile to referenced by China lawmakers, world countries lawmakers, the UN and its organizations and related others.

Objective: In order to prevent and cure the more and more worse greenhouse effects, climate change impacts and living environment for man kinds, new administration strategies must be created. So the research has been done. Methods: Summarized and research the present situations and facts of preventing and curing the worse green house effects, climate change impacts and living environment. And create the new administration strategies. Results: The present situations and facts of preventing and curing the worse green house effects, climate change impacts and living environment are critical and in emergency. And the solutions have not been being effective. There are 8 facts for less effective doing have been summarized. They include the world now, mainly pay attention to CO2 emission reducing, but not all greenhouse gases, etc.. And the 9 new administration strategies have been proposed. The first one is that China, other countries and international professional agencies must change their administration thinking immediately. And pay broad and whole attention to reduce whole greenhouse gases to the aims of zero emission. Not just only play technology of Carbon Capture, Utilization and Storage. The second one is that China, other countries and international professional agencies must put the recovering the worse greenhouse effects and climate change impacts as first duty and responsibility. And the other 7 strategies are in the text. Conclusion: It is imperative to prevent and cure the worse green house effects, climate change impacts and living environment for man kinds as soon as possible. As the man kinds have been suffering from the worse living environment day and night in more and more intensive speed and damage. The research have summarized the 8 principles facts about the shortcomings in controlling the worse green house effects and climate change impacts. Which should be paid attention by the related professionals and administrators. And the 9 proposed new administration strategies should also be referenced by the related professionals and administrators. As this kind of research has not been reported by other professionals.

There is increasing attention on information transfers along supply chain partners for firm (extreme) events. This growing literature finds spillover effects following certain types of firm events. Using data from credit rating actions of Chineselisted firms over the period between March 2007 and May 2020, we examine the spillover effects of supply chains by focusing on the market reactions of event firms to the action announcements. We find strong evidence of spillover effects driven by the market reactions of event firms, which are enhanced through information diffusion channels as supply chain partners receive more investor attention. Moreover, the effects are stronger when event firms’ market reactions are negative, event firms are nonstated-owned, the industry concentration of event firms is higher, or the suppliercustomer business relationship is closer. Overall, these findings highlight the role of investor attention in addition to network characteristics in supply chain spillovers.

This work models the spillover of liquidity and volatility and their joint dynamics in the Chinese stock market. Methodologically, we implement a copula-based vector multiplicative error model for sectors. Utilizing intraday data from 2014 to 2022, our empirical analysis reveals strong interdependence between liquidity and volatility at the sectoral level. Moreover, different sectors dominate the transmission of liquidity and volatility shocks at different times. In normal times, sector volatilities transmit shocks notably (though not always dominantly), while in turbulent times, illiquidity is the key channel through which shocks spread. We also pay special attention to how two catastrophic events impacted the Chinese stock market: the 2015/16 stock market crash and the COVID-19 pandemic. Our ffndings are useful for policymakers monitoring and making policy at the sectoral level, as well as for institutional and private investors making investment decisions.

We investigate the relationship between ESG rating divergence and stock returns from an investor’s perspective, to explore the impact of inconsistency among ESG rating agencies on the capital market. We construct ESG rating divergence data using ratings from three prominent ESG rating agencies in China. Our study is based on 54,679 company-quarter observations from 2018 to 2022, which covers 4,377 Chinese listed companies. Our findings demonstrate a significant negative impact of ESG rating divergence on stock returns, which we validate through a series of robustness tests and endogenous analyses. Notably, we find that investors’ expectations mediate the relationship between ESG rating divergence and stock returns. Further analyses show that only the divergence in social ratings have a significant inhibitory effect on stock returns. In addition, ESG rating divergence significantly impedes subsequent average ESG ratings. The adverse relationship between ESG rating divergence and stock returns is particularly pronounced in non-heavy pollution companies, non-state-owned companies, and companies with lower external attention.

Combining daily personnel records of an unlisted manufacturer with stock market data, we find that market overnight returns negatively predicts same-day worker output. The effect is greater on Mondays and extreme overnights. Analysis suggests that the stock market attracts (discourages) public attention when the overnight returns are extremely positive (negative), consistent with humans’ natural tendency of incorporating good news while discounting bad news. As a result, employees at work are disproportionally distracted by positive overnight returns, leading to reduced output. Additional evidence suggests that our results can hardly be explained with alternative distraction events or workers’ stock wealth concerns. This study reveals a novel channel through which the financial market shapes labor supply.