Emerging Markets Finance and Trade

Article	Citations
Breaking the Model: Does Technical Efficiency Propel or Hinder Bank Risk? Evidence from the Chinese Banking Industry	292
Services Liberalization and Manufacturing Employment Polarization: Evidence from Chinese Listed Manufacturing Firms	94
Good (Bad) News and the Probability of Informed Trading: Evidence from Illegal Insider Trading	87
CEO Overconfidence, Loan-Loss Provisions, and the Effect of Country Corruption: An International Investigation	80
Impact of Enterprises Relationship on ML’s Ability to Forecast SME’s Credit Risk in SCF: A Research Based on Complex Network	61
Are Academic Leaders Less Aggressive? Evidence from Corporate Expansion	59
The Path and Mechanism of Business Strategy Influencing the Strategic ESG Behavior: Evidence from Chinese Enterprises	57
Research on the Impact and Mechanism of Climate Risk on Substantive and Strategic Green Technology Innovation of Enterprises	52
Decision-Making of Discretionary Goodwill Impairments—Evidence from Publicly Listed Firms in China	46
The Impact of Debt Relief to Africa on Creditor Countries’ Product Exports: Evidence from China	43
Shadow Banking, Stock Market Volatility, and Stock-Money Market Correlation: Evidence from China	42
In Search of Risk Havens in the Global South—Interconnectedness Between Mining Stocks and Energy Commodity Future	42
Can Short Selling Improve the Quality of Information Disclosure in Clarification Announcements by Firms Faced with Market Rumors?	40
Political Ties and Bribery: Evidence from China’s Private Listed Firms	39
Regional Digital Finance and Corporate Financial Risk: Based on Chinese Listed Companies	38
How to Comprehensively Evaluate Firm Performance from Operational, Financial, and Sustainability Perspectives? A Two-Stage Data Envelopment Analysis Approach	35
Can Artificial Intelligence Pave a Greener Path for China? Exploring the Synergistic Effects of Intelligentization and Industrialization on Carbon Emission Efficiency	35
Can Strategic Alliances Effectively Enhance Firms’ Innovation Resilience? Theoretical and Empirical Evidence	34
Does Fintech Development Matter for Export Technological Sophistication? Evidence from Chinese Enterprises	33
Digital Economy and Corporate Innovation: Evidence from China	33
The Effect of Digital Transformation on Export Upgrading: Firm-Level Evidence from China	33
Does Supply Chain Finance Improve the Corporate Investment Efficiency of New Energy Firms? Evidence from China	31
Does Executives’ Compensation Stickiness Encourage Environmental Investments? An Environmental Attention-Based Perspective	31
Is Financial Risk A Stumbling Block to the Development of Digital Economy? A Global Case	30
Executive Monetary Compensation Incentives, Equity Incentives, and Corporate Default Risk: Empirical Evidence from China	29

Could Digital Trade Promote Global Value Chain Participation? Evidence from Multinational Data	29
How Does Intelligent Manufacturing Affect Corporate ESG Performance? Evidence from Intelligent Manufacturing in China	29
The Impact of Government Assessment Transformation on Green Entrepreneurship: Evidence from China	29
Regional Integrity and Corporate Green-Technology Innovation: Evidence from Deadbeat Borrowers in China	28
Oceans Apart? China and Other Systemically Important Economies	27
Study on OFDI and Enterprises Transformation and Upgrading Under the “Belt and Road” Initiative	27
Impact of Local Government Competition and Land Finance on Haze Pollution: Empirical Evidence from China	26
Intraday Return Forecasts and High-Frequency Trading of Stock Index Futures: A Hybrid Wavelet-Deep Learning Approach	26
How Climate Risk Affects Corporate Green Innovation: Fresh Evidence from China’s Listed Companies	26
Unintended Consequences of Social Insurance Law on Stock Price Crash Risk: Quasi-Natural Experimental Evidence from China	26
Stock Mispricing, Resale Options, and Differences of Opinion	25
Institutional Segmentation, Inequality in Work Opportunities, and Income in Digital Labor Markets: Evidence Based on Witkey Transactions	25
Does Independence of Board Committees Enhance Corporate Performance? The Case of Russia	24
Influence of the Carbon Emissions Trading Policy on Green Patent Transfers: A Difference-In-Differences Design	24
The Impact of Fiscal Subsidies on New Energy Enterprises Sustainable Development Performance from the Climate Policy Uncertainty Perspective	24
The Effects of the Belt and Road Initiative on the Evolution of the Global Value Chain Division of Labor: A Perspective on the Production Length	24
Institutional Purification Effect: How Does Corruption Governance Optimize the Link Between Subsidy and Capacity Utilization in Emerging Markets?	23
Spatial Distribution and Dynamic Evolution of Heterogeneous Air Pollution: Evidence from China	22
Exchange Comment Letters and Corporate Social Responsibility: Evidence from China	22
Are Data Assets Useful?—Evidence Based on Corporate Cost Stickiness	22
Emissions Trading Scheme Brings Transition Risks to Industrial Supply Chain in China	22
What Leads to the Changes of Volatility Spillover Effect Between Chinese and American Soybean Futures Markets?	21
How Do Uncertainty Shocks Affect Corporate Cross-Border Capital Flows? Evidence from Monetary Policy Uncertainty	21
The Global Financial Crisis and China’s Export in Belt and Road Countries: An Analysis Using Product-Level Data	20
Banking on Green: Assessing Financial Market ESG Performance in European Financial Institutions	19
How Does Bank Fintech Influence Liquidity Creation Divergence Between Traditional and Shadow Bank Businesses? Evidence from China	19
Does Corporate Sustainable Performance Mitigate Firm Risk in Emerging Markets? A Quantile Regression Approach	19
Monetary-Macroprudential Policy Synergy Through the Bank Lending Channel in Indonesia	19
Analyst Network: Implications for Systemic Risk of Non-Financial Firms in China	19
Information Discreteness and Stock Market Returns: Evidence from China	18
State-Owned Capital Participation and Opportunistic Insider Selling of Private Enterprises: Evidence from China	18
Digital Technology and Value Chain Agglomeration: Evidence from East Asia	17
The Role of Different Fiscal Policies in Inducing Environmental Innovation and Enhancing Firm Competitiveness	17
Driving Impact of Digital Transformation on Total Factor Productivity of Corporations: The Mediating Effect of Green Technology Innovation	17
The Asymmetric Effects of Deep Preferential Trade Agreements on Bilateral GVC Participation Levels	17
Impact of Inclusive Fee Reduction on Small Businesses’ Productivity: Evidence from the Reduction of Employment Security Funds for Disabilities	17
Does Financial Development Promote Economic Globalization? Evidence from the Top and the Bottom Globalized Emerging Economies	17
Corporate ESG Performance and Bond Premium	17
Market Skewness and Stock Return Predictability: New Evidence from China	17
Institutional Investor Network Embedding and Firms’ Total Factor Productivity	17
The Mechanism and Path Selection of Empowering High-Quality and Full Employment Through the Integration of Digital and Real Economy: Empirical Evidence from China	17
Macroeconomic Impact of Demographic Transition and Effectiveness of Monetary Policy: Evidence from East Asian Economies	16
Carbon Emissions and Clean Energy Investment: Global Evidence	16
Does Global Value Chain Integration Enhance Export Competitiveness? Evidence from Indonesia’s Industry-Level Analysis	16
Re-Allocation Effects of Creative Talent Agglomeration from Extreme Weather	16
Financial Experts on the Outside Boards, Financial Stress in Foreign Exchange Markets, and Firm Employment	16
Sustainable Institutional Investors and Green Innovation: Evidence from Chinese Listed Firms	16
Corporate Social Security Contributions, Resource Base and Firm Innovation	15
The Role of Export Incentives and Bank Credit on the Export Survival of Firms in India During COVID-19	15
Analysis on the Motivation and Welfare of International Conflicts in Trade Dependence	15

Media-Corporation Relationship and Innovation in China: Help Hand or Hinder Hand?	15
The Influence of Material ESG Disclosure on Analyst Forecast Quality	15
Deepening of Free Trade Agreements and International Trade: Evidence from China	15
Early Experience Within Tizhi System, Policy Perception and Corporate Innovation: Evidence from Chinese Private Firms	15
Analysis of Bankruptcy Factors in Presale Projects and Their Policy Implications	15
Global Sourcing and Firm Inventory During the Pandemic	15
Turning Risk into Responsibility: Firm-Level Evidence on Climate Risk and ESG Performance in China	15
How Does Bank Credit Interact With Housing Prices? A Financial Market Perspective	15
How Does the “Shanghai-Shenzhen-Hong Kong Stock Connection Schemes” Impact the Excess Goodwill?	15
Revisit the Nexus between Saving and Inequality in Labor Intensive Economies: Evidence from China	14
The “Debt Trap” or the “Benefit Pie” View of China’s Belt and Road Initiative on Host Countries: Evidence from Chinese Enterprises’ Outward Foreign Direct Investment	14
Annual Report Readability and Opportunistic Insider Selling—Evidence from China	14
Exploring the Path to Carbon Neutrality in Prominent Asian Nations: How Green Technological Advancements, Transportation Initiatives, and Financial Progression Work?	14
Why Do Firms Pay Large Stock Dividends? Catering First and Cashing Out Next: Evidence from China	14
The Effect of Venture Capital on Invested Firms’ Social Responsibility: Evidence from Venture Capital’s Exits	13
On the Determinants and Outcomes of IMF Loans in Low- and Middle-Income Countries: Do Politics Matter?	13
Digital Finance and Household Consumption Insurance: The Bounded Inclusive Effect	13
Media Attention, Environmental Information Disclosure and Corporate Green Technology Innovations in China’s Heavily Polluting Industries	13
Impact of Digital Inputs on Green Global Value Chain Participation: Evidence from Chinese Manufacturing Firms	13
Effects of Digital Finance on Green Innovation considering Information Asymmetry: An Empirical Study Based on Chinese Listed Firms	13
The Impact of Multi-Goal Constraints of Government on Corporate Green Technology Innovation	13
Emissions Prices, Commodity Futures, Equity Prices, and Geopolitical Risks Dependence Structure: Implications for Portfolio Diversification	13
The Impact of Internal Whistleblowing on Product Quality Regulation: A Tripartite Evolutionary Game Analysis	13
Regression for Asymmetric Information Problem: The Comparison of Different Methods	13
Research on the Trust-Driven Mechanism of Enterprises’ Intellectual Property Cooperation Optimization in China	12
Returns on Education in the Digital Economy: Evidence from Flexible Workers	12
Home Bias: How Has It Affected the Border Effects of China’s Trade?	12
The Impact of Digital Economy on the Quality Structure of Green Innovation	12
Foreign Banks, Asymmetric Information and Financial Inclusion in Emerging and Developing Countries	12
The Role of Non-Managerial Inside Debt in Firm Risk and the Cost of Debt	12
Local Institutional Investors and Corporate Monitoring: Evidence from Cross-Listed Korean Stocks in the US Market	12
Managerial Overconfidence and Stock Price Crash Risk: Evidence from China	12
Bitcoin Return and Financial Stress in China: Insights from a Nonlinear Autoregressive Distributed Lag Model	12
The Historical Roots of Opportunistic Sales: Evidence from CEOs’ Great Famine Experience	12
Does China’s Existing Regional Knowledge Base Stimulate or Hinder Diversification into FinTech: The Role of Local ICTs Base	12
The Relationship between Physical Financing and Formal Financing from the Perspective of Contractual Arrangements in Rural China	12
The Combined Impact of Dual Policies on Carbon Reduction: A Study Focusing on Broadband China and Low-Carbon Pilot Policies	12
Fading Digital Ambitions: Population Aging and the Transformation of Corporate Digital Strategy in China	12
A Study on the Policy Effects of Stress DSR and Upward Adjustment of Risk Weight on Mortgage Loans in Korea	11
Foreign Institutional Ownership and Firm Value: Evidence of “Locust Foreign Capital” in Brazil	11
From an Emerging to a Consolidated European REIT Market. The Case of the Underpricing of Spanish Direct Listing REITs	11
Pricing the Pandemic: Evidence from the Bond Market in China	11
Does Political Uncertainty Affect Government-Initiated Corporate Social Responsibility? Evidence from China’s Poverty Alleviation Campaign	11
The Impact of Climate Change Factors on Financial Markets: Evidence from China	11
Institutional Investor Networks and ESG Performance: Evidence from China	11
The Impact of Executive External Pay Disparity on Enterprise Innovation: Evidence from Mixed-Ownership Enterprises in China	11
The Inverted U-Shaped Relationship Between AI and Job Satisfaction: Empirical Evidence from China’s CLDS Microdata	11
Predicting Stock Market Crises Using Stock Index Derivatives: Evidence from China	11
Global Shocks and Monetary Policy Transmission in Emerging Markets	11
The Nonlinear Impact of Environmental Regulation on Industrial Green Total Factor Productivity: A Moderating Effect Based on Environmental Decentralization	11
The Digital Transformation Effect in Trade Credit Uptake: The Buyer Perspective	11
Firm Product Similarity and Stock Price Comovement: Evidence from China	10
ESG Rating Divergence and Investment-to-Price Sensitivity	10
How Does Digitalization Affect Corporate Risk-Taking Level? Based on Resource Acquisition Perspective	10
Effects of Country and Geopolitical Risks on Income Inequality: Evidence from Emerging Economies	10
Fund Flows, Stock Markets, and Economic Policy Uncertainty: From the Perspective a CIVET Nation	10
The Impact of Interfirm Cooperative R&D on Firm Performance: Evidence from Chinese Publicly Listed Companies	10
Climate-Induced Disasters, Risk Resilience and Firm Performance	10
Insider Sales and Corporate Bond Yield Spread: Evidence from China	10
Geopolitical Risk and China’s Crude Oil Futures: An Empirical Study Based on the Cross-Quantilogram Approach	10
Climate Change and Corporate Leverage Manipulation: Evidence from China	10
Interconnected Horizons: ASEAN’s Journey in the Global Semiconductor Trade Network Amidst the COVID-19 Pandemic and Supply Chain Realignments	10
How Does FDI Affect Cities’ Low-Carbon Innovation? The Moderation Effect of Smart City Development	10
Can Corporate Environmental Social Responsibility and Financial Performance Achieve a Win-win Situation in China? -From the Perspective of Executive Social Capital	10
Environmental Violations and Stock Price Crash Risk: Evidence from Chinese Listed Heavily Polluting Companies	10
The Transmission of Sectoral Cascade Risks of Stranded Assets from the Mining Sector to the Finance Sector	10
The Impact of Extreme Weather Events on Income Inequality: Global Evidence	9
Digitalization, Peer Effects, and Corporate Green Innovation	9
Application of Event Study Methodology in the Analysis of Cryptocurrency Returns	9
The Coupling and Coordination Between Digital Economy and Green Economy: Evidence from China	9
Financial Constraints and Firm Innovation Decision: The Roles of Corporate Governance and Risk Diversification	9
Geopolitical Risk and Exchange Rate Returns in Asia	9
Can and How Government Environmental Attention Curb Greenwashing? An Empirical Study of Chinese-Listed Firms	9
Climate Change Shocks and Credit Risk of Financial Institutions: Evidence from China’s Commercial Banks	9
Firm Innovation and Employment in South Africa: Examining the Role of Export Participation and Innovation Novelty	9
Unlocking the Returns to Technology: The Divergent Effects of New Quality Productive Forces on Labor Performance	9
The Silence of the Virtuous: Confucian Culture, Risk Aversion, and ESG Brownwashing in Emerging Markets	9
The Impact of Digital Finance on the Survival and Growth of SMEs: Evidence from China	9
Launching Prosocial Crowdfunding Campaigns: The Final Countdown	9
Institutional Investors and Corporate Social Responsibility: Evidence from China	9

Mixed Ownership Reform, Government Intervention, and Earnings Quality: Empirical Evidence from Pilot Enterprises in China	9
Impact of Supply-Side Structural Reform on Construction Industry Green Total Factor Productivity: The Mediating Role of Digital Platforms	9
International Evidence on the Interest Rate Effect in Dynamic IS Curves	9
The Magnet Effect of Price Limits: An Agent-Based Approach	9
Disagreement Motivated Trading: The Bright Side of Share Pledges	9
How Does Digital Financial Inclusion Affect Energy Usage? Evidence from Prefecture-Level Cities in China	9
Exposure to Credit Risk Spillovers and Corporate Earnings Management	8
Impact of Managerial Discretion “Stranglehold” on Enterprises Investment Efficiency: Based on Heterogeneous Stochastic Frontier Model	8
Penalties Against Interlocking Companies and Capital Structure Adjustment of Observing Companies	8
Risk Spillovers from the U.S. to Chinese Gold Futures Markets: The Role of Speculative Bubbles, Monetary Policy, and the COVID-19 Pandemic	8
Leading to Common Prosperity: Does Digital Transformation Help Promote Corporate Philanthropy?	8
Diversified Environmental Governance Supervision and Green Transformation: Evidence from High-Polluting Companies in China	8
Effect of China’s Outward Foreign Direct Investment in Portuguese-Speaking Countries on Its Bilateral Trade	8
Does Private Means Better? A Water and Sanitation Quasi-Experimental Design	8
Foreign Institutional Investors and Corporate Green Innovation: Evidence from an Emerging Economy	8
When Climate Meets Capital: How Climate Risk Constrains Corporate Finance	8
Huge Green Transformation of Heavily Polluting Enterprises: The Role of Bank Competition	8
Analysis of the non-linear relationship between Interest Rate Distortions in China’s Shadow Banking System and short-term Capital Flows	8
Corporate Financial Portfolio and Distress Risk: Forewarned is Forearmed	8
The Information Role of Investors’ Site Visits in Management Forecasts	8
The Efficiency of Green Innovation: Insights from Chinese Firms	8
Housing Affordability Program and Household Financial Market Participation: Evidence from China	8
Impact of Conventional and Unconventional Monetary Policy on Correlations Across Financial Markets: Evidence from an Emerging Economy	8
Nexus between Green Finance and Renewable Energy Development in China	7
Digital Infrastructure Construction and Energy Efficiency: A Quasi-Natural Experiment with Double Machine Learning	7
How Does Analyst Coverage Influence Corporate Leverage Adjustment: Evidence from China	7
Digital Transformation and Enterprise Output Volatility: Evidence from China	7
Pandemics, Local Institutional Quality, and Corporate Dividend Policy	7
Does Government’s Attention to Green Development Promote Enterprise Green Transition? Evidence from China	7
A Barometer of Climate Change: Does the US–China Tension Exacerbate Its Risks?	7
The Role of Spot Market Volatility in Industry Chain Risk Spillovers: A Dynamic Analysis of China’s Lithium Market	7
Does Health Status Affect the Risk of Household Financial Default? Evidence from China’s CHFS Data	7
Can Government Venture Capital Restrict Strategic Limited Partners from Intervening in Fund Decisions? Evidence from China	7
Contract Enforcement Efficiency and firms’ Competitive Advantage	7
Cost of Equity Capital and Annual Report Tone Manipulation	7
The Impact of Corporate Public Market Share Repurchases on Capital Market Information Efficiency	7
Heterogeneity in the Effect of Environmental Protection Expenditure in China: Causal Inference from Machine Learning	7
Research on the Impact of Corporate Social Responsibility on Sustainable Performance: A Multi-dimensional Balance Perspective	7
Narcissism and Cost of Debt: Evidence from Signature Size Data in China	7
Decoding the Voice: Media Variations in EPU and Foreign Capital Dynamics	7
The Effects of Low-Carbon Governance on Energy-Environmental Efficiency: Evidence from China’s Low-Carbon City Pilot Policy	7
Influence of Economic and Financial Openness in Urban Agglomerations of Major Bay Areas	7
Intellectual Property Protection, Financial Innovation and Corporate Innovation: Evidence from a Quasi-Natural Experiment in China	7
Performance Shortfall, Executive Social Relations and the Choice Between Shared and Full Control for New Overseas Entries	7
Trade Liberalization and Regional Female Economic Employment	7
Electricity Quality Emergency Investment with a Bargaining Contract in the Electricity Supply Chain under the COVID-19 Pandemic	7
Can International Investment Experience Shape Venture Capital Firms’ Domestic Risk-Taking Behavior?	7
Social Credit System Reform and Commercial Insurance Purchase: Evidence from China	7
Green Credit and the Synergy of Pollution and Carbon Reduction: Insights from China’s Provincial Data	7
Can High-Quality Interactions Reduce the Regulatory Inquiries Received by Firms? Evidence from Interactive Investor Platforms in China	7
Capital Market Opening and ESG Performance	7
Does Digital Transformation Affect Earnings Management Choices?	7
Employee Stock Ownership Plans and the Dynamic Adjustment of Corporate Capital Structure: Evidence from China	7
Short Selling and Total-Factor Productivity: Evidence from a Quasi-Natural Experiment in China	7
Digital Innovation and Core Competence of Manufacturing Industry: Moderating Role of Absorptive Capacity	7
The Realistic Way to the Decoupling of Carbon Dioxide Emissions from Economic Growth in China’s Service Sector	7
Can Digital Transformation Facilitate Firms’ M&A: Empirical Discovery Based on Machine Learning	7
Efficiency in the Early Stages of Carbon Markets: The Case of the Korean Emissions Trading Scheme	7
Does the Audit Committee Moderate the Effects of non-interest Activities on Bank Risks in China?	7
Corporate Governance and Annual Report Readability: Testing the Management Obfuscation Hypothesis	7
Climate Risk and Commercial Bank Liquidity Creation: An Empirical Study Based on the Dual Perspectives of Digital Transformation and Deposit Insurance	7
Spillover Effects of the Registration-Based IPO Reform on Analyst Earnings Forecast Quality	7
Nineteen Years of Emerging Markets Finance and Trade: A Bibliometric Analysis	7
ESG Disclosure and Corporate Payroll Tax Compliance	7
The Impact of Digital Trade on Economic Growth and Its Mechanism: Evidence from 60 Countries	7
Does ESG Performance Affect Firm Risk? Evidence from China	7
Measuring the Level of Regional Economic Synergistic Development and Its Driving Factors	7
An Investigation of the Nonlinear and Asymmetric Spillover Effects of U.S. Economic Policy Uncertainty on Bond Return Volatility of Emerging Markets	7
The Nexus Between Monetary Policy, Innovation Efficiency, and Total Factor Productivity-Evidence from Global Panel Data	7
An Analysis of The Distortive Effect of Environmental Policy Stringency on Physical Trade Balance for Fossil Fuels in China	7
Cross-Market Risk Transmission and Marginal Contribution Differentiation in Global Systemic Financial Risk: A Study Based on the TVP-QVAR Model	6
Public Transfer of Equity and Enterprise Trade Credit: Evidence from China	6
Green Manufacturing Lists and Firms’ Green and Low-Carbon Technological Innovation: Evidence from China	6
The Macroeconomic Costs of SOE Default	6
Does Information Blocking on Internet Matter Corporate Over-Investment: Evidence from a Quasi-Natural Experiment in China	6
Can Firms’ Reallocation from Financial Assets Toward Real Operating Activities Mitigate Asset Mispricing? Evidence from a Corporate Governance Perspective	6
Knowledge is Power: Academic Institutional Shareholding and Corporate Innovation	6
Being Friendly Directors: Board Co-option and Labor Investment Efficiency	6
When Do Second-Generation Returnees Affect Family Firms’ Entrepreneurial Risk-Taking? The Moderating Role of Managerial Discretion	6
Can Standard Harmonization Enhance the Enterprises’ Green Export Performance? Evidence from China	6
Exploring the Relationship Between Digital Technology and Carbon Unlocking Capacity in Chinese Coal-Based Cities	6
Analyzing Price Rigidity and Price Convergence in the Services Sector of Sri Lanka	6
Revealing the Default Risks in MSMEs Financial Leasing: Identification and Underlying Mechanism	6
Is ‘Common Prosperity’ Badly Needed in Mainland China? Evidence on the Variance Convergence of Per-Capita GDP among 31 Cities and Provinces	6
Ownership Structure, Diversification, and Bank Performance: International Evidence	6
The Heterogeneous Effect of Alternative Data on the Capital Market: Evidence from Online Recruitment Big Data	6
The Effects of the Digital Transformation on Firm’s Trade Credit: Evidence from China	6
The COVID-19 Pandemic and International Energy Trade: An Empirical Analysis Based on Gravity Model	6
Can CFOs Serving as Board Secretaries Improve Management Earnings Forecast Quality?	6
Central Bank Communication and Leverage Differentiation of Non-Financial Enterprises	6
Religiosity and Carbon Emissions: International Evidence	6
The Negative Effect of Regional Banking Competition on Audit Quality: Evidence from China	6
Cultural Heterogeneity of Top Management Teams, Cross-Border Acquisitions, and Financial Performance of Chinese Publicly Listed Companies	6
Distance and Financial Connection: Dynamics in Private Firms’ Bank Loan Availability	6
Climate Risk Disclosure and Pricing Efficiency: A Textual Analysis	6