Hung-Gay Fung

Using unique Credit Default Swaps (CDS) transaction data, we examine insurers’ CDS trading motives and information content. We find that insurers with greater bond exposures tend to be net CDS buyers, especially during periods of market stress and for informationally opaque firms. Insurers increasingly trade CDS indices for liquidity and hedging benefits. CDS purchases by bondholding insurers are associated with wider subsequent CDS spreads, poorer stock performance, and more credit events than by non-bondholders. Evidence suggests that although insurers have an informational advantage from dual ownership, their CDS trading is primarily motivated by risk management rather than speculative informed trading.

This study uses bibliometric mapping analysis to systematically trace the evolutionary trajectory, core characteristics, and dynamic trends of 598 research papers on internationalization in the digital economy era. These papers were published between 2006 and 2025 on the Web of Science Core Collection. The findings reveal that this research field exhibits an average annual growth rate of 31.88%, with increasing collaborative research. While Technological Forecasting and Social Change has the highest publication output, Journal of World Business demonstrates the most significant academic influence. We uncover a new mode of international investment toward emerging markets across all countries, reflecting new structures of resource allocation for digitally enabled institutional openness, digital ecosystem–based resource sharing, and digitally driven value chain upgrading, particularly evident in emerging markets. Overall, this research provides critical insights for multinational corporations (MNCs) formulating digital internationalization strategies and for policymakers refining digital trade governance, thereby facilitating the coordinated development of the global digital economy and international business.

We use an unbalanced panel data analysis to examine the effect of political connections (PCs) in state‐owned enterprises (SOE) and non‐SOEs on the innovation of Chinese environmentally polluting enterprises listed on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2016. Our sample consists of 792 firms and 4587 firm‐year observations. There are several interesting findings. First, SOEs that are politically linked to the central government promote more innovation in general and more environmental innovation than SOEs without these links. Second, privately‐owned enterprises (non‐SOEs) with PCs promote less environmental innovation than non‐SOEs without PCs. Third, environmental regulation does not affect the environmental innovation of SOEs but it drives non‐SOEs with PCs to become more environmentally innovative. Our results enable us to better understand how PCs and regulations affect environmental innovation.