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Zhichao Li's Outputs (3)

Contribution to poverty alleviation: A waste or benefit for corporate financing? (2023)
Journal Article
He, G., Li, Z., Yu, L., & Zhou, Z. (2023). Contribution to poverty alleviation: A waste or benefit for corporate financing?. Journal of International Financial Markets, Institutions and Money, 89, Article 101875. https://doi.org/10.1016/j.intfin.2023.101875

We investigate whether Chinese firms’ involvements in poverty alleviation affect their costs of financing. We find causal evidence that firms’ contributions to poverty alleviation result in lower cost of equity and lower cost of debt, suggesting that... Read More about Contribution to poverty alleviation: A waste or benefit for corporate financing?.

Does analysts’ industrial concentration affect the quality of their forecasts? (2023)
Journal Article
He, G., Sun, Y., & Li, A. Z. (2024). Does analysts’ industrial concentration affect the quality of their forecasts?. Financial Markets and Portfolio Management, 38(1), 37-91. https://doi.org/10.1007/s11408-023-00435-0

We examine the association between financial analysts’ industrial concentration and the quality of their earnings forecasts. We find that analysts’ forecast quality, measured by forecast accuracy, forecast informativeness, and forecast timeliness, is... Read More about Does analysts’ industrial concentration affect the quality of their forecasts?.

The economic consequences of corporate social irresponsibility and policy implications (2023)
Book Chapter
He, G., Li, Z., & Slack, R. (2023). The economic consequences of corporate social irresponsibility and policy implications. In F. Moshirian, & C. Park (Eds.), Climate Change and Climate Finance: Current Experience and Future Directions (60-86). Asian Development Bank. https://doi.org/10.22617/TCS230333-2

Although extensive research has explored topics related to corporate social responsibility (CSR)—particularly within the context of the Sustainable Development Goals—including its impact on firms’ performance, the evidence is mixed and inconclusive.... Read More about The economic consequences of corporate social irresponsibility and policy implications.