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In this study, we examine the green innovation effect of investor preference on Chinese listed companies from 2008 to 2020. We observe that investors with environmental protection preferences can significantly increase enterprise green innovation. The baseline conclusions remain robust after we conduct multiple sensitivity tests, such as establishing a shift-share instrumental variable (Bartik IV), using the Heckman's two-step method, changing the regression methods, substituting the core variables, adopting the DID method, and considering investors' ownership. Our analysis shows that the green innovation effect of environmental investors is highly pronounced in companies with a high level of indebtedness and low managerial ability. We verify that environmental investors can improve the green innovation level of enterprises through two potential mechanisms, namely, easing corporate financing constraints and incentivising managers. In addition, political and public attention can strengthen the positive relationship between environmental investors and green innovation. [ABSTRACT FROM AUTHOR]

The opening of high‐speed rail (HSR), as an exogenous shock, has had a profound and complex effect on social life. This study analyzes the effect of the opening of HSR on social trust. Results show that the opening of HSR promotes social trust. Mechanism analysis showed that although the opening of HSR accelerated population mobility and decreased trust in strangers, economic growth and improvement of local social issues mitigated the negative effects of its opening. In addition, our results also show that individuals turn to trust in their parents, neighbors, and doctors. Considering the potential endogeneity problem, instrumental variable and difference‐in‐differences estimators consistently indicated the promoting effect of the HSR opening on trust. Heterogeneity analysis showed that the opening of HSR had a greater effect on female, urban residents, younger groups, and married people. Last, cities with larger populations and tourist cities were more vulnerable to shocks. [ABSTRACT FROM AUTHOR]