By using a dynamic adjustment model, this paper examines the dynamic adjustment for capital structure of public firms in China. The results show that, the capital structure of Chinese public firms is adjusted dynamically. The public firms in China are systemically under-leveraged with high...

We investigate how financial constraints and agency costs impact firms' investment in China. A generalized Q investment model is constructed. It implies that firms' investment depends mainly on three factors: investment opportunity which determines the optimal investment stochastic frontier,...

This study investigates the determinants of cash holdings in the period 1999–2009 in China. The sample period covers the time of financial crisis. The focus in this study is on how firm characteristics, especially financial constraints and investment options, are associated with cash holdings....

This paper comprehensively studies the effects of stock splits on the market characteristics of the stocks and also tries to give an explanation for the results referring to the existing hypotheses and previous empirical results. We investigate the trading activity, liquidity, information...

This paper studies empirically the determinants of Chinese commercial banks' net interest margins from 1996 to 2003. It applies an extension to the Ho and Saunders (1981) model to identify the elements affecting net interest margins. The results indicate that the determinants of net interest...

This paper considers 250 funds between 2001 Q4 and 2009 Q2. The funds included must have data for at least eight quarters. By comparing dollar-weighted average return and geometric average return of a fund, the paper shows that fund investors always have inferior ability on timing. Their worst...