With growing attention on corporate social responsibility (CSR) or the more recent expression of environmental, social, and governance (ESG), many countries and regions have imposed strict mandatory rules on CSR disclosures to better serve investors and other stakeholders. At the same time, government incentive programs such as the Paycheck Protection Program (PPP) were also effective… Read More »
In the past four decades, China has been demonstrated miraculous growth records as well as rampant corruption, which presents a paradox for scholars: Is corruption is conducive to Chinese economic development? Some argue that corruption is “grease” in the economy and helps firms bypass inefficient regulation and red tape, while others believe that corruption exacerbates… Read More »
Sustainable investing (or impact investing) is arguably the hottest topic in global finance. Morningstar reports that ESG-oriented mutual funds’ net capital inflows quadrupled in 2019 to $20 billion, and signatories to the Principles for Responsible Investments (PRI) had $86 trillion assets under management (AuM) in the same year. However, the economics of sustainable investing are contentious… Read More »
The federal government is arguably the most influential actor in the United States economy. Its agenda includes a wide range of activities, such as, rule drafting, enforcement actions, and tariff determinations. These activities are carried out daily by hundreds of agencies. In our new paper, we develop a measure of the entire agenda of the federal… Read More »