This study analyzed Chinese companies’ behavior regarding corporate social responsibility (CSR) disclosure, and its impact on national and regional climate change measured by carbon emissions. CSR disclosure, supported by existing theories, is considered a powerful tool to curb climate change issues. We combined data of companies’ publicly traded annual financial reports and CSR reports from the China Stock Market and Accounting Research (CSMAR) database and provincial macroeconomic statistics from the Chinese National Bureau of Statistics to run panel regressions. The results verify the following: (a) China is in a relatively early stage of CSR development, and Chinese firms’ internal incentives to adopt CSR projects are low since none of the internal factors researched contribute to CSR disclosure. (b) External factors work slightly better for CSR practices, but at the same time, the CSR regulations still need further improvement. (c) The current CSR disclosure practices do not have a clear impact on carbon emission reduction, contrary to some predictions that CSR could help reduce carbon emissions.

This paper uses NASDAQ order book data for the S&P 500 exchange traded fund (SPY) to examine the relationship between one-minute, informational market efficiency and high frequency trading (HFT). We find that the level of efficiency varies widely over time and appears to cluster. Periods of high efficiency are followed by periods of low efficiency and vice versa. Further, we find that HFT activity is higher during periods of low efficiency. This supports the argument that HFTs seek profits and risk reduction by actively processing information, through limit order additions and cancellations, during periods of lower efficiency and revert to more passive market-making and rebate-generation during periods of higher efficiency. These findings support the argument that the adaptive market hypothesis (AMH) is an appropriate description of how prices evolve to incorporate information.

This study builds a quality-minus-junk factor (QMJ) for Chinese A-shares stock via partial least square method. Of the pillars contained in this factor, only the profitability indicators deliver consistent portfolio return, while growth, safety and dividend add little. QMJ retains positive but modest alpha after standard factors, largely overlapping with RMW, and it does help elevate the performance measured with Sharpe ratio of various portfolio. Its distinct value emerges when paired with size. The return of QMJ portfolio shows a convex curvature relation with SMB, generating clear evidence of market timing. Since the existing studies emphasize size factor is the main driving force stirring market in China, investors should consider the combination of quality with size, not using it alone.