Purpose – Using official and household survey data, the purpose of this paper is to analyze the size of middle class in rural China, its trend and geographical distribution. Determinants or drivers of changes in the size of middle class are explored. Design/methodology/approach – An absolute...

On October 23, 2000, the SEC implemented Regulation FD (Fair Disclosure), which prohibits firms from privately disclosing value relevant information to select securities markets professionals without simultaneously disclosing the same information to the public. We examine whether Regulation FD's...

We show that managers increase the volume of public financial guidance in response to decreases in analyst coverage of their firms. This result is driven by the post-Regulation Fair Disclosure period, and is stronger for firms with higher sales growth and firms with lower resulting levels of...

This study examines the responsiveness of analyst forecasts to current earnings announcements. The results show considerable cross-sectional variation in analyst responsiveness and suggest that this variation is related to the costs and benefits associated with prompt forecast revisions. More...

We examine insider trading activities around financial restatement announcements and find strong evidence of informed trading by insiders. Focusing on the association between net insider selling and restatement announcement abnormal returns, we provide evidence of net insider selling before the...

We examine whether firms that frequently issue quarterly earnings guidance behave myopically, where myopic behavior is defined as sacrificing long-term growth for the purpose of meeting short-term goals (Porter [1992]). We find that dedicated guiders invest significantly less in research and...

This study examines the responsiveness of analyst forecasts to current earnings announcements. The results show considerable cross-sectional variation in analyst responsiveness and suggest that this variation is related to the costs and benefits associated with prompt forecast revisions. More...

We examine the effect of Regulation FD on stock return volatility. Critics suggest FD has increased volatility by causing firms to (a) disclose less information, resulting in increased noise trading and pricing errors; or (b) substitute essentially continuous communication to the market through...

We examine whether Regulation FD is associated with changes in the information environment prior to earnings announcements. After implementation of Regulation FD we find (a) lower return volatility around earnings announcements; (b) some improvement in the speed with which pre earnings...

Trans-jurisdictional conflict in both water quantity and quality is a general concern in large river basins. In this paper, the relative utility function combined with the asymmetric Nash bargaining method was established to analyze the trans-jurisdictional conflict between water quantity and...