Using a comprehensive data set of earthquakes in China, we show that investors perceive increased credit risk in quasi-municipal bonds exposed to devastating earthquakes, leading to a significant positive risk premium. Our study identifies that this bias is temporary and decreases as investors...

Pervaporation(PV) has the advantages of high efficiency, low consumption and cleanliness, and it is widely used in the separation of organic-water or organic-organic systems. In this paper, the separation of five azeotropic systems with different molecular weights was discussed by simulation and...

This paper examines the cognitive biases in small and medium-sized enterprise (SME) managerial beliefs under exogenous shocks and investigates whether such biases affect firms’ decision-making in the future. We use unique administrative survey data spanning the outbreak of COVID-19 in China...