In 2023, Bloomberg LP, the New-York-headquartered media company operating within the business of information services, news services, broadcasting, streaming, and print, generated an estimated **** billion U.S. dollars. A year earlier, the company's revenue results stood at **** billion dollars.

Bloomberg LP (Bloomberg) is an international media company that provides business and financial information and news.

The business information market, valued at $199,690 million in 2025, is projected to experience robust growth, driven by increasing demand for data-driven decision-making across diverse sectors. A compound annual growth rate (CAGR) of 7% from 2025 to 2033 indicates a significant expansion, fueled by several key factors. The rise of big data analytics and the need for comprehensive market intelligence are paramount drivers. Businesses are increasingly relying on sophisticated data analysis to gain competitive advantages, optimize operations, and make informed strategic choices. Furthermore, the growing adoption of cloud-based solutions and advanced technologies like AI and machine learning is streamlining data access and analysis, contributing to market growth. Regulatory changes mandating greater transparency and compliance also stimulate demand for robust business information services. Major players like Bloomberg, Dow Jones, and Thomson Reuters are consolidating their market positions through strategic acquisitions and technological advancements, fostering competition and innovation within the sector. While data privacy concerns and the potential for information overload could act as restraints, the overall market outlook remains positive, indicating substantial growth opportunities in the coming years. The segment breakdown, while not explicitly provided, can be reasonably inferred. The market likely encompasses various sub-segments, including financial information, industry reports, company profiles, and risk management solutions. The competitive landscape is characterized by established players offering diverse products and services, with a strong emphasis on providing accurate, timely, and insightful information. Geographic variations in growth are likely, with developed economies like North America and Europe exhibiting strong demand, while emerging markets show increasing potential. The forecast period of 2025-2033 offers a promising window for market expansion, driven by the continuous evolution of data analytics capabilities and the persistent need for effective business intelligence across all sectors.

The initial sample of this study covers the A-share companies listed on the Shanghai and Shenzhen stock exchanges during the period 2008-2020. We then screened and processed the initial sample data, including (a) Screening for companies with both RepRisk's ESG rating and Bloomberg's ESG rating. Specifically, the selection is based on samples with the same ISIN code and companies' English names in the Bloomberg and RepRisk lndex (RRI) databases. The ISIN code is a securities coding standard developed by the International Organization for Standardization (ISO) and is a unique code used to identify securities in each country or region around the world. We exclude samples that do not provide ISIN codes or have inconsistent English names. (b) We exclude observations with missing values for the main variables. (c) We exclude the ST, *ST and PT trading status samples during the observation period. Our final sample contains 1352 firm-year observations.The ESG disclosure score data and ESG performance score data required for the ESG-washing construction are respectively obtained from the Bloomberg database and the RepRisk Index (RRI) database of the Wharton Research Centre for Data Studies (WRDS). Positive media coverage data is sourced from the China Research Data Services Platform (CNRDS), while the instrumental variable (IV_population) is obtained from the EPS database and Juhe Data (https://www.gotohui.com/). Unless otherwise stated, all other data in this study are from the China Stock Market and Accounting Research (CSMAR) database. Data on executive company changes were collected manually by the authors back-to-back and independently. Then we compared and reconciled the data collected by each, and where there were discrepancies, we again collected and calibrated the data to maximize their reliability. We first obtained executive biographies from the CSMAR database, and the missing values were retrieved from Sina Finance ( https://finance.sina.com.cn/). Due to the unstructured nature of the resume data, we manually processed more than 30,000 resumes of executives to get the data of executives' company changes, based on which we calculated the per capita number of job hops of all executives in each company. The number of part-time jobs held by executives also reflects their pursuit of career changes and development, so in the robustness test the per capita mean of the number of part-time jobs held by executives is used as a proxy variable for careerist orientation. These data can be obtained directly from the CSMAR database.

The Business Information Services market is experiencing robust growth, driven by the increasing need for data-driven decision-making across various industries. The market, estimated at $500 billion in 2025, is projected to maintain a Compound Annual Growth Rate (CAGR) of 7% from 2025 to 2033, reaching approximately $850 billion by 2033. This expansion is fueled by several key factors, including the rising adoption of cloud-based solutions, the proliferation of big data analytics, and the growing demand for real-time insights. Major players like Bloomberg, Dow Jones, and Thomson Reuters are leveraging advanced technologies like artificial intelligence and machine learning to enhance their offerings and cater to the evolving needs of their clientele. Furthermore, the increasing focus on regulatory compliance across sectors is boosting the demand for comprehensive and reliable business information services. Segmentation within the market includes financial information, market research, credit information, and legal information, each contributing to the overall growth trajectory. However, the market faces certain challenges. Data security concerns and the rising costs associated with data acquisition and maintenance present hurdles for both providers and consumers. Competition is fierce, with established players constantly innovating to maintain their market share and new entrants striving to carve out a niche. The varying regulatory landscapes across different regions also influence market dynamics. Despite these challenges, the long-term outlook for the Business Information Services market remains positive, driven by the continued digital transformation across industries and the ever-increasing reliance on data for strategic decision-making. The market's expansion will likely be propelled by the growing adoption of subscription-based models and the increasing integration of business information services with other enterprise software solutions.

This dataset presents the main operational and financial indicators of technology companies from S&P500. To implement this study, a sample of 100 companies included in the S&P500 index for 2010-2022 was collected. The sample was obtained from the Bloomberg database. The sample includes companies from two sectors: information technology and biotechnology companies. Within the framework of this study, 2 main hypotheses are put forward: 1) The selected sources of financing have a significant impact on the market value of companies in the technology sector; 2) The ratio of equity and debt capital has a significant impact on the assessment of the company by the market.

Global Business Information Market was valued at USD 20.67 Billion in 2023 and is expected to reach USD 37.94 Billion by 2029 with a CAGR of 10.22% during the forecast period.

This statistic illustrates main sources of financial information for company analysis according to the chartered financial analysts (members of CFA Society of the UK) in the United Kingdom (UK) as of the the first half of 2015. It can be seen that ** percent of respondents stated that they used databases such as provided by Bloomberg among others as their main source of financial information.

The B2B information services market, valued at $118 million in 2025, is experiencing robust growth, projected to expand at a compound annual growth rate (CAGR) of 14.9% from 2025 to 2033. This expansion is fueled by several key drivers. The increasing reliance on data-driven decision-making across various industries, including finance, energy, healthcare, and legal sectors, is a primary catalyst. Businesses are increasingly recognizing the value of accurate, timely, and actionable intelligence to gain a competitive edge, optimize operations, and mitigate risks. Furthermore, the ongoing digital transformation and the proliferation of big data are creating significant opportunities for providers of sophisticated analytics and information solutions. The market is segmented by application (finance, energy, medical & healthcare, legal & tax, others) and type (professional publishing, joint information, consultation services), reflecting the diverse needs of different business sectors. North America currently holds a significant market share, driven by the presence of major players and high technological adoption rates. However, rapidly developing economies in Asia-Pacific, particularly China and India, are expected to witness substantial growth in the coming years, contributing significantly to the overall market expansion. The competitive landscape is characterized by both established industry giants like Bloomberg, Thomson Reuters, and Wolters Kluwer, and specialized niche players offering targeted solutions. Competitive pressures will likely increase with technological advancements and the emergence of innovative business models. The sustained growth trajectory of the B2B information services market is anticipated to continue throughout the forecast period. This is predicated on several factors. Firstly, the increasing sophistication of data analytics capabilities is empowering businesses to leverage information more effectively. Secondly, regulatory changes and compliance requirements across various sectors are driving demand for specialized information services. Thirdly, the growing adoption of subscription-based models is contributing to predictable and recurring revenue streams for providers. Finally, mergers and acquisitions within the industry are further consolidating market share and fostering innovation. Despite these positive trends, challenges remain, including managing data security concerns, ensuring data accuracy and reliability, and adapting to the evolving technological landscape. Strategic partnerships and technological advancements will be crucial in addressing these challenges and maintaining the market's robust growth.

The B2B Information Services market is experiencing robust growth, with a market size of $106 million in 2025 and a projected Compound Annual Growth Rate (CAGR) of 14.3% from 2025 to 2033. This expansion is fueled by several key drivers. Firstly, the increasing reliance of businesses on data-driven decision-making across diverse sectors like finance, energy, healthcare, and legal, necessitates access to high-quality, reliable information. Secondly, advancements in technology, particularly in data analytics and artificial intelligence, are enabling the creation of more sophisticated and insightful information products and services. Furthermore, the growing complexity of regulatory environments and the need for risk mitigation are driving demand for specialized B2B information services. Segmentation within the market reveals strong performance across Professional Publishing, Joint Information, and Consultation Services, with Finance, Energy, and Medical & Healthcare applications leading the way. Key players like Bloomberg, Thomson Reuters, and Wolters Kluwer are well-positioned to capitalize on these trends, leveraging their extensive data networks and established brand reputations. Competitive pressures are intense, however, requiring continuous innovation in data delivery methods and service offerings. Geographic expansion, particularly within North America and Europe, presents significant opportunities, while emerging markets in Asia-Pacific show promising, albeit more volatile, growth potential. The forecast period of 2025-2033 anticipates continued market expansion, driven by ongoing technological advancements and the increasing digital transformation of businesses globally. However, potential restraints include the rising cost of data acquisition and processing, increasing competition from new entrants offering niche services, and the need for continuous investment in cybersecurity and data privacy measures. Successful companies will need to adapt to evolving customer demands by offering personalized, value-added services and leveraging data analytics to deliver actionable insights. This will necessitate strategic partnerships, mergers, and acquisitions to enhance market reach and service offerings. Focus on data quality, security, and compliance will remain crucial for maintaining trust and achieving long-term success within this competitive landscape.

The global Internet Financial Data Information Services market is experiencing robust growth, driven by increasing demand for real-time data, sophisticated analytics, and the expansion of online financial platforms. The market's size, while not explicitly stated, can be reasonably estimated based on publicly available information regarding similar sectors and reported company revenues. Considering the presence of major players like Bloomberg, Refinitiv, and FactSet, along with a significant number of regional players, a 2025 market size of approximately $50 billion (USD) seems plausible, given the substantial investments and revenue streams associated with these services. A Compound Annual Growth Rate (CAGR) of, let's assume, 8% for the forecast period (2025-2033) reflects the continuous technological advancements and the growing reliance on data-driven decision-making within the finance industry. Key drivers include the rising adoption of cloud-based solutions, increasing regulatory compliance needs, and the proliferation of algorithmic trading. Trends point towards a growing preference for integrated platforms offering diverse data sets and analytical tools, as well as the increasing importance of data security and privacy. Constraints include data security breaches, the complexity of integrating various data sources, and the potential for regulatory changes impacting data access and usage. Market segmentation is crucial, with distinct offerings catering to investment banking, asset management, and retail trading sectors. The competitive landscape is marked by a mix of global giants and regional players, with a focus on innovation and expansion into new markets and product offerings. The competitive advantage is gained through advanced technologies, robust data security measures, speed of data delivery and the breadth of data sources available. The market's future growth will depend on continued technological innovation, strategic partnerships, and adapting to changing regulatory requirements. Successful players will be those able to offer a comprehensive suite of products and services tailored to the specific needs of their target customer segments, accompanied by reliable data security and accessibility.

The global business information market size was valued at USD 299,830 million in 2025 and is projected to reach USD 484,210 million by 2033, exhibiting a CAGR of 6.2% during the forecast period. The market growth can be attributed to the increasing adoption of business intelligence (BI) and analytics solutions to gain insights into market dynamics, improve decision-making, and optimize operations. Moreover, the rising demand for real-time data and the proliferation of cloud-based BI platforms are further propelling market growth. The commercial segment held the largest market share in 2025, owing to the high demand for business information in industries such as manufacturing, retail, and financial services. The healthcare and life sciences sector is expected to witness the highest CAGR during the forecast period due to the increasing need for data-driven insights in drug development, clinical trials, and patient care. North America is the largest regional market, followed by Europe and Asia Pacific. The growing adoption of advanced technologies and the presence of major market players in North America contribute to its dominance. Asia Pacific is projected to grow at the highest CAGR due to the increasing demand for business information in emerging economies such as China and India. Key market players include Bloomberg, Dow Jones, Experian Information Solutions, RELX Group, Thomson Reuters, and Wolters Kluwer.

The B2B information services market is experiencing robust growth, driven by the increasing reliance of businesses on data-driven decision-making and the expanding digital landscape. The market, currently estimated at $150 billion in 2025, is projected to maintain a Compound Annual Growth Rate (CAGR) of 7% from 2025 to 2033, reaching approximately $250 billion by 2033. This growth is fueled by several key factors: the rising demand for real-time data analytics, the proliferation of big data and its associated complexities, and the need for enhanced risk management and regulatory compliance solutions. Furthermore, the market is witnessing a significant shift towards cloud-based solutions and the integration of artificial intelligence (AI) and machine learning (ML) for improved data processing and insights generation. This trend is driving innovation and providing businesses with more efficient and accessible information resources. Key players such as Bloomberg, Thomson Reuters, and Dun & Bradstreet are leading the market, leveraging their extensive data networks and technological advancements to cater to diverse industry needs. However, intense competition, the rising costs associated with data acquisition and processing, and the increasing importance of data security and privacy are significant restraints on market growth. Segmentation within the market is diverse, with varying demand across industries like finance, healthcare, and manufacturing. Regional variations also exist, with North America and Europe currently holding the largest market shares, driven by their mature economies and technological infrastructure. However, emerging markets in Asia-Pacific are showing strong potential for future growth, fueled by rapid digitalization and increasing business activity.

What if the company that houses some of the favorite snacks such as Pringles, Cheeze-It and Kelloggs among several is under process of being acquired by the sweet shop Mars!?I analyzed the acquisition of Kellanova (former Kelloggs) by Mars, Incorporated. To give a background of the deal, on August 13, 2024, Mars, Incorporated and Kellanova entered into a definitive agreement under which Mars has agreed to acquire Kellanova for a total consideration of $35.9 Billion at a premium of 33% to Kellanova’s unaffected 52-week high as of August 2, 2024. The total valuation is at acquisition multiple of 16.4x LTM adjusted EBITDA as of June 29, 2024. The deal is expected to significantly increase leverage of Mars and has led to downgrading the issuer to ‘A’ from ‘A+.’ With several strategic synergies, the deal is focused on enhancing financial stability to boost investor confidence. The acquisition is expected to close first half of 2025 with a successful integration of Kellanova.One of the most significant challenges was valuing Mars. Mars is a privately held company with very little or next to none financial information available in public domain. I also looked-up databases such as Preqin and Crunchbase, which are meant for privately held companies. Further, the date of valuation of acquisition of June 29, 2024 posed unique challenge to conduct valuation analysis as of that date. I have derived valuation financial parameters and conducted valuation of the target company as of June 28, 2024 and June 29, 2024 based on availability of financial information. The valuations of target company Kellanova and purchasing company Mars have been done using current and forward valuation multiples.The acquisition analysis has been developed by leveraging financial information available over databases such as CapitalIQ, LSEGWorkspace and BloombergCapitalMarkets.

This data set is a subset of the "Records of foreign capital" (Registros de capitais estrangeiros", RCE) published by the Central Bank of Brazil (CBB) on their website.The data set consists of three data files and three corresponding metadata files. All files are in openly accessible .csv or .txt formats. See detailed outline below for data contained in each. Data files contain transaction-specific data such as unique identifier, currency, cancelled status and amount. Metadata files outline variables in the corresponding data file.RCE_Unclean_full_dataset.csv - all transactions published to the Central Bank website from the four main categories outlined belowMetadata_Unclean_full_dataset.csvRCE_Unclean_cancelled_dataset.csv - data extracted from the RCE_Unclean_full_dataset.csv where transactions were registered then cancelledMetadata_Unclean_cancelled_dataset.csvRCE_Clean_selection_dataset.csv - transaction data extracted from RCE_Unclean_full_dataset.csv and RCE_Unclean_cancelled_dataset.csv for the nine companies and criteria identified belowMetadata_Clean_selection_dataset.csvThe data include the period between October 2000 and July 2011. This is the only time span for the data provided by the Central Bank of Brazil at this stage. The records were published monthly by the Central Bank of Brazil as required by Art. 66 in Decree nº 55.762 of 17 February 1965, modified by Decree nº 4.842 of 17 September 2003. The records were published on the bank’s website starting October 2000, as per communique nº 011489 of 7 October 2003. This remained the case until August 2011, after which the amount of each transaction was no longer disclosed (and publication of these stopped altogether after October 2011). The disclosure of the records was suspended in order to review their legal and technical aspects, and ensure their suitability to the requirements of the rules governing the confidentiality of the information (Law nº 12.527 of 18 November 2011 and Decree nº 7724 of May 2012) (pers. comm. Central Bank of Brazil, 2016. Name of contact available upon request to Authors).The records track transfers of foreign capital made from abroad to companies domiciled in Brazil, with information on the foreign company (name and country) transferring the money, and on the company receiving the capital (name and federative unit). For the purpose of this study, we consider the four categories of foreign capital transactions which are published with their amount and currency in the Central Bank’s data, and which are all part of the “Register of financial transactions” (abbreviated RDE-ROF): loans, leasing, financed import and cash in advance (see below for a detailed description). Additional categories exist, such as foreign direct investment (RDE-IED) and External Investment in Portfolio (RDE-Portfólio), for which no amount is published and which are therefore not included.We used the data posted online as PDFs on the bank’s website, and created a script to extract the data automatically from these four categories into the RCE_Unclean_full_dataset.csv file. This data set has not been double-checked manually and may contain errors. We used a similar script to extract rows from the "cancelled transactions" sections of the PDFs into the RCE_Unclean_cancelled_dataset.csv file. This is useful to identify transactions that have been registered to the Central Bank but later cancelled. This data set has not been double-checked manually and may contain errors.From these raw data sets, we conducted the following selections and calculations in order to create the RCE_Clean_selection_dataset.csv file. This data set has been double-checked manually to secure that no errors have been made in the extraction process.We selected all transactions whose recipient company name corresponds to one of these nine companies, or to one of their known subsidiaries in Brazil, according to the list of subsidiaries recorded in the Orbis database, maintained by Bureau Van Dijk. Transactions are included if the recipient company name matches one of the following:- the current or former name of one of the nine companies in our sample (former names are identified using Orbis, Bloomberg’s company profiles or the company website);- the name of a known subsidiary of one of the nine companies, if and only if we find evidence (in Orbis, Bloomberg’s company profiles or on the company website) that this subsidiary was owned at some point during the period 2000-2011, and that it operated in a sector related to the soy or beef industry (including fertilizers and trading activities).For each transaction, we extracted the name of the company sending capital and when possible, attributed the transaction to the known ultimate owner.The name of the countries of origin sometimes comes with typos or different denominations: we harmonized them.A manual check of all the selected data unveiled that a few transactions (n=14), appear twice in the database while bearing the same unique identification number. According to the Central Bank of Brazil (pers. comm., November 2016), this is due to errors in their routine of data extraction. We therefore deleted duplicates in our database, keeping only the latest occurrence of each unique transaction. Six (6) transactions recorded with an amount of zero were also deleted. Two (2) transactions registered in August 2003 with incoherent currencies (Deutsche Mark and Dutch guilder, which were demonetised in early 2002) were also deleted.To secure that the import of data from PDF to the database did not contain any systematic errors, for instance due to mistakes in coding, data were checked in two ways. First, because the script identifies the end of the row in the PDF using the amount of the transaction, which can sometimes fail if the amount is not entered correctly, we went through the extracted raw data (2798 rows) and cleaned all rows whose end had not been correctly identified by the script. Next, we manually double-checked the 486 largest transactions representing 90% of the total amount of capital inflows, as well as 140 randomly selected additional rows representing 5% of the total rows, compared the extracted data to the original PDFs, and found no mistakes.Transfers recorded in the database have been made in different currencies, including US dollars, Euros, Japanese Yens, Brazilian Reais, and more. The conversion to US dollars of all amounts denominated in other currencies was done using the average monthly exchange rate as published by the International Monetary Fund (International Financial Statistics: Exchange rates, national currency per US dollar, period average). Due to the limited time period, we have not corrected for inflation but aggregated nominal amounts in USD over the period 2000-2011.The categories loans, cash in advance (anticipated payment for exports), financed import, and leasing/rental, are those used by the Central Bank of Brazil in their published data. They are denominated respectively: “Loans” (“emprestimos” in original source) - : includes all loans, either contracted directly with creditors or indirectly through the issuance of securities, brokered by foreign agents. “Anticipated payment for exports” (“pagamento/renovacao pagamento antecipado de exportacao” in original source): defined as a type of loan (used in trade finance)“Financed import” (“importacao financiada” in original source): comprises all import financing transactions either direct (contracted by the importer with a foreign bank or with a foreign supplier), or indirect (contracted by Brazilian banks with foreign banks on behalf of Brazilian importers). They must be declared to the Central Bank if their term of payment is superior to 360 days.“Leasing/rental” (“arrendamento mercantil, leasing e aluguel” in original source) : concerns all types of external leasing operations consented by a Brazilian entity to a foreign one. They must be declared if the term of payment is superior to 360 days.More information about the different categories can be found through the Central Bank online.(Research Data Support provided by Springer Nature)

The global industrial databases market, valued at $1033 million in 2025, is projected to experience robust growth, exhibiting a compound annual growth rate (CAGR) of 10.8% from 2025 to 2033. This expansion is fueled by several key drivers. The increasing adoption of Industry 4.0 and the Internet of Things (IoT) is generating massive volumes of operational data, creating a significant demand for efficient and scalable database solutions capable of handling this influx. Furthermore, the rising need for real-time data analytics and predictive maintenance within manufacturing and other industrial sectors is further stimulating market growth. Companies are increasingly leveraging industrial databases to optimize production processes, improve resource allocation, and enhance overall operational efficiency. The market is segmented by application (market analysis, production analysis, and others) and database type (relational and non-relational). Relational databases currently hold a larger market share, but the adoption of non-relational databases is rapidly growing due to their scalability and flexibility in handling unstructured data. Geographic expansion is also a key factor, with North America and Europe representing significant market shares initially, while the Asia-Pacific region is expected to witness faster growth due to increasing industrialization and technological advancements in countries like China and India. However, challenges such as data security concerns and the high cost of implementation and maintenance could act as potential restraints on market growth. The competitive landscape is characterized by a mix of established players like Oracle and newer entrants offering specialized solutions. The presence of key players such as Dun & Bradstreet, Bloomberg, and Statista highlights the market's importance for providing crucial business intelligence. Companies are focusing on developing advanced analytics capabilities and integrating their offerings with cloud platforms to enhance accessibility and scalability. This strategic focus on cloud-based solutions is driving market expansion and offering greater flexibility for users across various industrial sectors. The forecast period suggests continued strong growth, driven by the ongoing digital transformation within industries and the relentless increase in data generation. The market is expected to witness further consolidation as companies seek strategic partnerships and acquisitions to expand their market reach and product portfolios.

In the context of the ESG era, this study provides an in-depth analysis of the ESG practices of listed companies and their impact on business performance in Korea and Taiwan, two of the Four Little Dragons economies in Asia. Although these two regions are similar in terms of economic size, they show significant differences in their ESG implementation strategies and effects. Based on the Bloomberg database, this study empirically analyzes data from 113 Taiwanese and 113 Korean firms, using Tobin’s q ratio as a measure of business performance. The findings show that there is complexity in the association between ESG scores and firms’ business performance. In South Korea, government policies and large conglomerates contribute significantly to ESG practices, while in Taiwan, the economic structure dominated by SMEs has led to different characteristics of ESG practices. All of these differences reflect the influence of intra-firm factors on performance. The findings of this study not only enrich the theoretical foundation of the relationship between ESG and business performance, but the findings provide valuable regional insights and recommendations for international investors, corporate managers, and policymakers in the Asia-Pacific region to implement ESG strategies, especially when considering the specific market environment, economic structure, and internal factors of the firms they operate in order to achieve sustainable growth and competitive advantage.

Using all stocks listed on the Japanese equity market and macroeconomic data for Japan, the dataset comprises the following series:

1. Japan_25_Portfolios_MV_PTBV: Monthly returns for 25 size-book-to-market equity portfolios, following the Fama and French (1993) methodology. (Raw data source: Datastream database)
2. Japan_25_Portfolios_MV_PE: Monthly returns for 25 size-PE portfolios, following the Fama and French (1993) methodology. (Raw data source: Datastream database)
3. Japan_50_Portfolios_SECTOR: Monthly returns for 50 industry portfolios. (Raw data source: Datastream database)
4. Japan_3 Factors: Fama and French three-factors (RM, SMB and HML), following the Fama and French (1993) methodology. (Raw data source: Datastream database)
5. Japan_5 Factors: Fama and French five-factors (RM, SMB, HML, RMW, and CMA), following the Fama and French (2015) methodology. (Raw data source: Datastream database)
6. Japan_NUCLEAR_Y: Instrument in years with a value of 1 when a nuclear disaster has occurred somewhere in the world and 0 otherwise. (Raw data source: Bloomberg and BBC News)
7. Japan_NUCLEAR_M: Instrument in months with a value of 1 when a nuclear disaster has occurred somewhere in the world and 0 otherwise. (Raw data source: Bloomberg and BBC News)
8. Japan_RF_M: Three-month interest rate of the Treasury Bill for Japan. (Raw data source: OECD)
9. Company data: Names and general data of the companies that constitute the sample. (Raw data source: Datastream database)
10. Number of stocks in portfolios: Number of stocks included each year in Japan_25_Portfolios_MV_PTBV, Japan_25_Portfolios_MV_PE and Japan_50_Portfolios_SECTOR. (Raw data source: Datastream database)

We have produced all return series using the following data from Datastream: (i) total return index (RI series), (ii) market value (MV series), (iii) market-to-book equity (PTBV series), (iv) total assets (WC02999 series), (v) return on equity (WC08301 series), (vi) price-to-earnings ratio (PE series), and (vii) industry (SECTOR series). We have used the generic rules suggested by Griffin, Kelly, & Nardari (2010) for excluding non-common equity securities from Datastream data. We also exclude stocks with less than twelve observations. Accordingly, our sample comprises a total number of 5,212 stocks.

REFERENCES:

Fama, E. F. and French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33, 3–56. Fama, E. F. and French, K. R. (2015). A five-factor asset pricing model. Journal of Financial Economics, 116, 1–22. Griffin, J. M., Kelly, P., and Nardari, F. (2010). Do market efficiency measures yield correct inferences? A comparison of developed and emerging markets. Review of Financial Studies, 23, 3225–3277.

We use the data of China's A-share listed companies from 2009 to 2022, ESG disclosure data from Bloomberg, ESG performance data from Sino-Securities Index Information Service Ltd.,business environment data from the China Sub-Provincial Business Environment Index Report, media attention data from the Chinese Research Data Service (CNRDS) Platform, and the rest of the data from the China Stock Market and Accounting Research (CSMAR) Database.

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