Our study examines the influence of institutional investors on firm investment efficiency based on the non-financial firms listed on Chinese stock exchanges over the period of 2009–2014. Our results show that institutional ownership generally improves firm investment efficiency. However, after...

This study empirically examines the association among R&D engagement, seeking finance and perceived financial constraints in high-tech SMEs. R&D engagement includes the decision of R&D engagement (whether a firm was engaged in R&D) and the degree of R&D engagement (actual R&D expenditure). I...

The Grain for Green Program (GFGP) in China, one of the largest Payment for Ecosystem Service (PES) schemes, has been regarded as an effective approach to achieving sustainable development. However, the conclusion of the impact of GFGP on farmers’ income reported in the existing literature is...

We study how short selling affects corporate tax avoidance. By exploiting staggered short-sale deregulation on the Chinese stock market as a source of variation in market pressure and monitoring, our difference-in-differences estimates show that the introduction of a short-selling scheme...

Intraday return predictability has firstly been identified in the equity markets, and we extend the analysis to the crude oil market by using high-frequency United States Oil Fund data from 2006 to 2018. We find a different intraday prediction pattern in the oil market, where only the first...