We use panel data from 30 provinces of China over the period 2002-2019 to examine the effect of rising urban real estate prices on employment. Empirical results, using instrumental variable estimation, show that rising urban real estate prices have a negative and statistically significant impact...

Both behavioral biases and informational advantages can drive insider trades. We first document that U.S. corporate insiders anchor on the 52-week low (high) for stock purchases (sales). We then find that insider trades made when the stock price is far away from its anchor levels are more...

This study of the post – earnings announcement drift and the value – glamour anomaly finds that value stocks have greater information uncertainty, exhibit more-muted initial market reactions to earnings surprises, and have better (more positive or less negative) post – earnings...

Firm life-cycle concept has been used in a variety of disciplines, including economics, finance and accounting, and also in the real-world investment. This paper develops a new methodology of measuring firm life-cycle stages. By comparing a firm's status at each point of its development with its...

This paper investigates investor inattention as a plausible explanation for market reaction to repurchase announcements. We use prior turnover as the proxy for investor attention to examine the difference in stock price performance between low-attention stocks and high-attention stocks. We find...

Theoretical models on herd behavior predict that under different assumptions, herding can bring prices away (or towards) fundamentals and reduce (or enhance) market efficiency. In this article, we study the joint effect of herding and momentum at the industry level. We find that the momentum...

We design modified value investing strategies in emerging equity markets by comparing a country's value weight with its market capitalization weight among a group of emerging countries. These strategies can be easily tested and implemented by using various country index funds. Our proposed...