When governments opt for financial repression policies, credit mismatch becomes more prevalent. This may lead some non-financial firms with excessive loans to financialize their operations and undertake shadow banking activities, that is, entrusted loans. Using all listed Chinese firm's financial data and entrusted loans data from 2008 to 2016, this study investigates the impact of credit mismatch on firm's entrusted loans. Results show that, the more credit mismatch, the higher the tendency and the size of firm's entrusted loans. Above the relationship is more significant when under some certain backgrounds, such as a higher degree of government intervention, tighter monetary policy as well as lack of investment opportunities, and state-owned enterprises. Further analysis reveals that a firm's engagement in entrusted loans can harm its main business activities. This study intends to enhance our understanding of the shadow banking activities as means of funds reallocation within China's financial system.

<b><i>Background:</i></b> Chronic obstructive pulmonary disease (COPD) is a chronic respiratory condition. COPD causes a heavy burden on the patients through negative impacts on the quality of life and psychological health. The health belief model (HBM) is proposed and modified by several social psychologists and is confirmed to have benefits in the recovery of various diseases. This research aimed to explore the effects of the HBM-based intervention on anxiety, depression, and quality of life in COPD patients entering pulmonary rehabilitation (PR). <b><i>Methods:</i></b> This research was conducted at the Tianjin Rehabilitation Recuperate Center of Chinese PLA in 2019. A total of 136 COPD patients were randomized into the intervention group and the control group. In the control group, patients received the PR program. In the intervention group, patients received both PR program and the HBM-based intervention. Quality of life was measured by the COPD assessment test. The outcomes of anxiety and depression were measured by the Hospital Anxiety and Depression Scale. <b><i>Results:</i></b> The HBM-based intervention decreased both anxiety and depression scores among COPD patients. The COPD assessment test score was declined by the HBM-based intervention, which also decreased the serum levels of interleukin-6 and C-reactive protein in COPD patients entering PR. <b><i>Conclusion:</i></b> The HBM-based intervention alleviates anxiety and depression, enhances quality of life, and inhibits inflammation in COPD patients entering PR.

No abstract

This study investigates the governance effect of comment letters. Companies with severer information asymmetry are more likely to receive merger and acquisition (M&A) comment letters, which demonstrate a lower M&A success rate; however, such companies exhibit better long‐term M&A performance. Further analysis shows that the long‐term governance effects are stronger in cross‐industry and cross‐region samples and that the transmission channels are information disclosure and internal control quality of the inquired firms. This study enriches the literature on government regulation effectiveness, develops new evidence on the localisation of government regulation from developed economies, and provides policy implications for further regulation reform in transition economies.

No abstract