We posit that IPOs of local companies will lead to increased stock market participation. First, local IPOs attract attention to the market, through both increased information production and publicity. Second, local IPOs generate wealth, not just for people associated with the heretofore private...

Historically a key advantage of being a public firm was broader access to capital, from a disperse group of shareholders. In recent years, such capital has increasingly become available to private firms as well. We document a dramatic increase over the past twenty years in the number of mutual...

In this study, we use daily trading data to investigate the performance of institutional investors in the Chinese stock market, which is dominated by retail investors. We find that stocks with intense institutional net buying significantly outperform those with intense institutional net selling...

This study examines how the level of business insights in a firm's MD&A interacts with its current financial performance to influence nonprofessional investors' judgments. Following the observations and guidance of the ASIC and SEC to define low-and high-insight MD&A, this study finds that...