We analyze a comprehensive sample of more than 10,000 U.S. OTC stocks. We provide much needed descriptive evidence on … this market and show that the OTC market is a large, diverse, and dynamic trading environment with a rich set of regulatory … richness of the OTC market and analyze two key dimensions of market quality, liquidity and crash risk, across firms and …

Over-the-counter (OTC) stocks are far less liquid, disclose less information, and exhibit lower institutional holdings …. Compared to premiums in listed markets, the OTC illiquidity premium is several times higher, the size, value, and volatility … premiums are similar, and the momentum premium is three times lower. The OTC illiquidity, size, value, and volatility premiums …

predict future earnings, profitability, future news announcements, and even future firm-level bankruptcies; meanwhile firms …

average firm has more cash than long-term debt. Measuring profitability by the ratio of earnings to assets, the average firm …

This paper studies the connection between share pledging and entrepreneurial activities in China, challenging the …

information content of credit spreads in China. Using Merton's model of default, we construct credit measures of publicly listed … 2014, do credit spreads in China become informative. Compared with the findings in the US credit market, the magnitude of … state-owned enterprises (SOEs) in China results in a market segmentation between SOE and non-SOE issuers that is harmful to …

subsidies provided to China's publicly traded firms. We categorize subsidies into different types. We then estimate total … suggest that China's increasingly prescriptive industrial policies may have generated limited effects in promoting …