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BDNF activates postsynaptic TrkB receptors to induce endocannabinoid release and inhibit presynaptic calcium influx at a calyx-type synapse Abbreviated title: BDNF inhibits calcium influx via TrkB-CB1R pathway

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Using the Hubei province in China as the COVID‐19 pandemic epicenter and January 23, 2020 as the event date (the date the Chinese government announced the lockdown of Wuhan, the provincial capital), we document that while Chinese firms generally exhibited negative cumulative abnormal returns (CARs) around the event date, firms located far from the Hubei province experienced relatively less adverse impact by way of negative CARs than firms located close to and in the province. Moreover, firms that engaged strongly in corporate social responsibility (CSR) activities in terms of corporate donations prior to the event date experienced less of an adverse impact than those with no or weak CSR activities, suggesting that CSR serves an insurance‐like function that alleviates the adverse impact on stock returns precipitated by the negative investor sentiment stemming from COVID‐19.

We examine the impact of having specialized environmental courts (SPECs) on corporate risk‐taking in China. SPECs allow judges and prosecutors to develop environmental expertise and are accountable for environmental violations. Thus, SPECs effectively enforce environmental regulations. Our findings suggest that when a firm is located in an SPEC jurisdiction, it engages in less corporate risk‐taking than an otherwise equivalent firm located in a non‐SPEC jurisdiction. The results are more pronounced for firms that receive large government environmental subsidies and that are state‐owned. Additional analysis suggests that firms make more environmental investments when located in an SPEC jurisdiction.