Goldstein, Itay; Liu, Bibo; Yang, Liyan - 2021 - This version: July 04, 2021
We surveyed all Chinese public firms in 2019 and 2022 to examine the real effects of financial markets. The response rates were close to 100%. More than 90% of firms reported that they care about the stock market for the purposes of learning information to guide real investment decisions and of...