Taking listed companies of strategic emerging industries as the research subject, this paper uses KZ index to measure the degrees of financing constraints and financial intermediary as well as the stock market to represent the level of financial development. Then empirical models are constructed...

Using Shanghai-Hong Kong Stock Connect program as a quasi-natural experiment, we examine whether and how stock market liberalization affects companies’ R&D disclosure in China. Contrary to the positive impact of market liberalization on overall firm disclosure, we find that market...

This study examines the externality of anti-speculation policies and its impact on property market volatility. Employing a rich dataset on property transactions in Hong Kong from 1991 to 2020, we find that, given regulations for flippers in the presale residential property market only, the...

This paper studies the impact of capital market openness on high frequency market quality in China. The Shanghai-Hong Kong Stock Connect (SHHKConnect) program opens China's stock market to foreign investors and offers a natural experiment to investigate this question. Using a...

Using Shanghai-Hong Kong Stock Connect program as a quasi-natural experiment, we examine whether and how stock market liberalization affects corporate R&D disclosure in China. Contrary to the positive impact of stock market liberalization on overall firm disclosure, we find that stock market...