We examine the relationship between customer concentration and capital structure adjustment speed using a sample of US listed firms from 1977 to 2020. We found that the customer-concentrated firms have a lower speed of leverage adjustment. Customer concentration affects leverage adjustment speed mainly through increased cash flow volatility and asset specificity. The negative association is more pronounced in firms with high relationship-specific investments and low switching costs for their customers. Stock market reacts to leverage deviation strongly for firms with concentrated customers. Our findings highlight the vital role of customers as key stakeholders in capital structure decisions.

This study examines how firm-level exposure to the COVID-19 pandemic affects the speed of leverage adjustment among 3260 US-listed firms from 2019q1 to 2022q1. Using a novel measure of COVID-19 exposure, we find that higher exposure significantly reduces the speed at which firms adjust their leverage towards target levels. This effect is more pronounced for financially constrained firms and those operating in competitive markets. We further show that COVID-19 exposure adversely impacts corporate liquidity, default risk, and financial flexibility. Our findings highlight the role of exogenous shocks in shaping corporate financing decisions.

The healthy operation of the stock market relies on sound liquidity. We utilize the semantic information from disclosure texts of listed companies on the China Science and Technology Innovation Board (STAR Market) to construct a daily corporate network. Through empirical tests and performance analyses of machine learning models, we elucidate the relationship between the similarity of company disclosure text contents and the temporal and spatial correlations of stock liquidity. Our liquidity indicators encompass trading costs, market depth, trading speed, and price impact, recognized across four dimensions. Furthermore, we reveal that the information loss caused by employing Minimum Spanning Tree (MST) topology significantly affects the explanatory power of network topology indicators for stock liquidity, with a more pronounced impact observed at the document level. Subsequently, by establishing a neural network model to predict next-day liquidity indicators, we demonstrate the temporal relationship of stock liquidity. We model a liquidity predicting task and train a daily liquidity prediction model incorporating Graph Convolutional Network (GCN) modules to solve it. Compared to models with the same parameter structure containing only fully connected layers, the GCN prediction model, which leverages company network structure information, exhibits stronger performance and faster convergence. We provide new insights for research on company disclosure and capital market liquidity.

The asymmetric dissemination of information among financial firms in the financial market reflects their asymmetric response to the dissemination of both positive and negative information. However, it is worth studying whether this asymmetry will intensify or alleviate under different financial market conditions. Based on high-frequency minute stock price data of Chinese A-share listed financial firms from July 2020 to July 2023, we decompose the good and bad information, as well as the positive and negative volatility information in the return series. We utilize the quantile cross-spectral correlation method to construct an information overflow network at monthly intervals. We use the MVMQ-CAViaR model to estimate the value at risk (VaR) for various quantiles and build a risk spillover network that incorporates both positive and negative tail risk information, using the quantile dynamic SIM-COVAR-TENET model. We calculated the network dissemination efficiency of both good and bad information, including average speed, speed deviation, densest speed, and depth, to explore the changes in the asymmetry of good and bad information dissemination under different financial market conditions. We get that when the financial market is booming, financial firms’ asymmetric response to good and bad information will increase, and the firms will pay more attention to bad information. When the financial market declines, the asymmetric response of financial firms to good and bad information is diminished, and their sensitivity to both positive and negative information is heightened. In addition, the dissemination of bad information by firms in the five sub-financial industries across various markets exacerbates the asymmetric response of other financial firms to good and bad information. More importantly, the release of positive return information, negative volatility information, and highly negative tail risk information by the real estate financial firms all impact the asymmetric response of financial firms to good and bad information in a prosperous financial market. In recessionary financial markets, financial regulators can strategically release positive information to mitigate the decline in the financial market. Conversely, in a booming financial market, financial regulators should be cautious of the negative impact that bad information can have on financial firms, particularly in relation to the excessive growth of the real estate sector and the potential chain reaction of significant adverse events.

The asymmetric dissemination of information among financial firms in the financial market reflects their asymmetric response to the dissemination of both positive and negative information. However, it is worth studying whether this asymmetry will intensify or alleviate under different financial market conditions. Based on high-frequency minute stock price data of Chinese A-share listed financial firms from July 2020 to July 2023, we decompose the good and bad information, as well as the positive and negative volatility information in the return series. We utilize the quantile cross-spectral correlation method to construct an information overflow network at monthly intervals. We use the MVMQ-CAViaR model to estimate the value at risk (VaR) for various quantiles and build a risk spillover network that incorporates both positive and negative tail risk information, using the quantile dynamic SIM-COVAR-TENET model. We calculated the network dissemination efficiency of both good and bad information, including average speed, speed deviation, densest speed, and depth, to explore the changes in the asymmetry of good and bad information dissemination under different financial market conditions. We get that when the financial market is booming, financial firms’ asymmetric response to good and bad information will increase, and the firms will pay more attention to bad information. When the financial market declines, the asymmetric response of financial firms to good and bad information is diminished, and their sensitivity to both positive and negative information is heightened. In addition, the dissemination of bad information by firms in the five sub-financial industries across various markets exacerbates the asymmetric response of other financial firms to good and bad information. More importantly, the release of positive return information, negative volatility information, and highly negative tail risk information by the real estate financial firms all impact the asymmetric response of financial firms to good and bad information in a prosperous financial market. In recessionary financial markets, financial regulators can strategically release positive information to mitigate the decline in the financial market. Conversely, in a booming financial market, financial regulators should be cautious of the negative impact that bad information can have on financial firms, particularly in relation to the excessive growth of the real estate sector and the potential chain reaction of significant adverse events.

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.

This study investigates the association between the expansion of formal finance through the opening of high-speed railway (HSR) and the risk of private lending in China, using data from China Judgments Online. The study employs a difference-in-differences approach and reveals that the cities connected by HSR have a greater risk of private lending and that the formal finance expansion leads to a cream-skimming effect on private lending. The HSR enhances the efficiency of product supply and pricing of formal financial institutions, which results in the expansion of banks. However, private lending relies heavily on social networks, which limits the direct effect of HSR on it. Consequently, the formal finance expansion facilitated by HSR has a significant cream-skimming effect on private lending, which increases the risk of private lending. These results make a significant contribution to the existing literature on the economic implications of formal financial expansion for private lending.

Using a unique FinTech data containing monthly individual-level consumption, investments, and payments, we examine how FinTech can lower investment barriers and improve risk-taking. Seizing on the rapid expansion of offline usages of Alipay in China, we measure individuals’ FinTech adoption by the speed and intensity with which they adopt the new technology. Our hypothesis is that individuals with high FinTech adoption, through repeated usages of the Alipay app, would build familiarity and trust, reducing the psychological barriers against investing in risky assets. Measuring risk-taking by individuals’ mutual-fund investments on the FinTech platform, we find that higher FinTech adoption results in higher participation and more risk-taking. Using the distance to Hangzhou as an instrument variable to capture the exogenous variation in FinTech adoption yields results of similar economic and statistical significance. Focusing on the welfare-improving aspect of FinTech inclusion, we find that individuals with high risk tolerance, hence more risk-taking capacity, and those living in under-banked cities stand to benefit more from the advent of FinTech.

This study examines the effect of transaction costs and information asymmetry on firms’ capital-structure decisions in 40 countries. The findings indicate that transaction costs affect both capital-market timing and capital-structure rebalancing. Past market-timing activity has a significantly negative impact on the current debt ratio, and this impact is stronger for firms facing lower transaction costs of external financing, as defined by legal origin, capital-market development, and securities rules in their home countries. Further analysis indicates that firms in countries with lower transaction costs also rebalance their capital structure more quickly after a deviation from the target, but the rebalancing does not eliminate the market timing effect on capital structure completely.