We examine the impact of mutual fund ownership on stock price informativeness in China. Existing evidence shows that stock price informativeness is low in China, and attributes this to firms’ lack of disclosure incentives under the weak investor protection institutional environment. Mutual...

We examine the influence of auditors on mitigating corporate fraud in China, which is known to have weak legal enforcement, weak investor protection along with tight control of the media and labour unions. We find that firms with executives that have lower integrity, indicated by a greater...

The recent Split Share Structure Reform launched by the government in the Chinese stock market terminates trading constraints on restricted shares. In exchange for the consent of freely-traded shareholders, restricted shareholders offer them consideration mainly in the form of restricted shares....

Prior research documents that non-financial firms resort to more real activities management when their ability to manage accruals is constrained by specialist auditors (e.g., Chi et al. 2011; Burnett et al. 2012). Within the context of banks' real activities management through repurchase agreements...

We use search volume index (SVI) for a CEO's name and stock ticker from Google Trends to measure CEO publicity, and examine the competing hypotheses on its relation to tax avoidance. On the one hand, CEOs who receive more attention from retail investors may engage in tax evasion activities to...

This paper examines the impact of historical endowment on the function of Initial Coin Offering (ICO) market. We find that a country's legal origin, disease environment, exposure to slave trade, and proximity to ancient trade routes are important determinants of the total amount of capital...

The historical determinants of modern economic development have been widely studied since the seminal work of Engerman and Sokoloff (1997, 2002) and Acemoglu et al. (2001, 2002). The literature is largely based on the former European colonies, especially in Africa. Notwithstanding China's long...

This paper investigates the impact of legal institutions on the external governance role of equity analysts in enhancing the corporate information environment. By analysing a sample of Chinese listed firms between 2003 and 2013, we find that analyst coverage is positively related to stock price...

This paper studies socially responsible lending (SRL) by examining a unique sample of Chinese commercial banks. We define SRL as loans that are issued to promote social welfare, preserve the environment, develop agriculture, or support small business. We find that state-controlled banks issue...

This paper investigates the impact of legal institutions on the external governance role of equity analysts in enhancing the corporate information environment. By analysing a sample of Chinese listed firms between 2003 and 2013, we find that analyst coverage is positively related to stock price...