Browsing by Author "Kong, X."
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Item Open Access Government’s awareness of Environmental protection and corporate green innovation: A natural experiment from the new environmental protection law in China(Economic Society of Australia Inc., 2021-06) Fang, Z.; Kong, X.; Şensoy, Ahmet; Cui, X.; Cheng, F.Based on the impact of the new environmental protection law promulgated by the Chinese government in 2015, we employ the difference-in-differences (DID) approach to investigate the impact of government environmental regulation on corporate green innovation. The evidence shows that government environmental regulation can significantly increase the number of green patents of heavily polluting industries. This result holds after a series of robustness tests. The analysis of the economic mechanism indicates that the new environmental protection law brings supervision pressure to heavily polluting firms, prompting them to improve the quality of information disclosure, thus improving green innovation. In addition, the regional economic development level, government subsidies, and public supervision can significantly affect the positive impact of the new environmental protection law. Meanwhile, the effect is more prominent in non-state-owned enterprises and in firms with small scale, low profitability, and weak internal governance.Item Open Access Investor attention and idiosyncratic risk in cryptocurrency markets(Routledge, 2021-12-18) Yao, S.; Kong, X.; Şensoy, Ahmet; Akyıldırım, E.We explore the impact of investor attention on idiosyncratic risk in the cryptocurrency markets. Taking the Google Trends Index as the measure of investor attention, we find that investor attention can significantly reduce cryptocurrencies’ idiosyncratic risks by increasing the liquidity. We further study possible cross-sectional variations of the effect of investor attention on idiosyncratic risk. Evidence shows that the investor attention effect is more pronounced for smaller-cap and younger cryptocurrencies. Moreover, a relatively stable external market environment and rising market state are conducive to the further play of the attention effect.