This paper examines the striking disparity between buy-and-hold and investors’ actual returns in China, the largest emerging market. During 1990–2020, the annualized buy-and-hold return is 11%, whereas investors’ actual return (dollar-weighted return) is 5.8%. The difference is 3.5 times...

Financial economists have intensely studied IPO underpricing using data from approximately the past four decades. This paper investigates IPO underpricing during the period 1922-1929 (1920s) using hand-collected data on first-day returns, trading volumes, and firm characteristics. Mean...

The key findings about China's industrial economy in 2017 Q3 are as follows:1. Although the Business Sentiment Index in the third quarter indicated a slight contraction, the industrial economy has shown signs of recovery.2. Costs continued to rise significantly. 3. Overcapacity is still at a...

The industrial economy maintained an L-shaped growth in 2017, stable with noticeable signs of improvement. Based on electricity consumption and production, the scale of industrial production was stable during the first three quarters (with our diffusion indices staying between 50 and 51). In the...

In Q1, the Business Sentiment Index stood at 51, indicating an expansion, albeit small, for the first time in four years. This expansion, mainly driven by state-owned and foreign firms, has been largely due to the optimistic expectations of future operating conditions. Private firms – the vast...

In Q1, the Business Sentiment Index stood at 51, indicating an expansion, albeit small, for the first time in four years. This expansion, mainly driven by state-owned and foreign firms, has been largely due to the optimistic expectations of future operating conditions. Private firms – the vast...

Q2 Business Sentiment Index continued to be in a slight expansion, making the first two quarters of 2018 the first period of expansion in the past four years and since the survey began. Other signs of improvements included a slight expansion in employment, electricity consumption, and overseas...