This paper investigates how accounting standards (AS) convergence influences Chinese firms' overseas mergers and acquisitions (M&As) and shows that this convergence significantly promotes Chinese firms' overseas M&As. Specifically, we find that both the probability of success and the value of...

We examine the real effect of privatization in terms of technological innovation. To establish causality, we explore plausibly exogenous variation in privatization generated by a quasi-natural experiment – China's split share structure reform, which mandatorily converts non-tradable shares to...

We examine the real effect of partial privatization on corporate innovation. To establish causality, we explore plausibly exogenous variation in the expectation of further partial privatization generated by China’s split share structure reform, which mandatorily converts non-tradable shares...

In this paper, we examine the relationship between social media anonymity and stock price crash risk. To address concerns over endogeneity, we explore China’s regulatory change toward real name registration as a quasi-natural experiment. Using a difference-in- differences approach, we find...

We examine the relation between star analyst rankings and analysts’ forecast performance. To strengthen identification, we explore the exogenous variation in analysts’ incentives generated by the suspension of the New Fortune Star Analyst Contest in China. We find that the reduction in...

This paper investigates how accounting standards (AS) convergence influences Chinese firms' overseas mergers and acquisitions (M&As) and shows that this convergence significantly promotes Chinese firms' overseas M&As. Specifically, we find that both the probability of success and the value of...

We use a large pictorial sample of Chinese financial analysts to test the association between facial width-to-height ratio (fWHR) and performance in men. Financial analysts offer an ideal setting for our investigation because we can objectively track individual analysts' behaviors and...

This study investigates the association between media sentiment and a comprehensive set of corporate decision making measures that capture firm, corporate investment, and financial policy risk. This study predicts that CEOs who achieve greater media coverage are more risk-seeking. We find a...

This study investigates the role of media tone on CEO power and firm value. Using CEO pay slice (CPS) as a measure of CEO power, we find that negative media tone is associated with a reduction in the change in CEO power. We also find that firm performance can be explained by the interaction...