We investigate how a broker firm’s initial public offering (IPO) affects its analysts’ fiduciary duty of providing independent and objective recommendations. We find that the analysts of newly listed broker firms issue more positively biased recommendations in the first 2 to 3 years after...

This paper examines the announcement effects of dividends with an emphasis on stock dividends in the Chinese capital market. We find that dividend paying stocks exhibit significantly positive abnormal returns while non-dividend paying stocks show a negative announcement effect. Further, we...

Employing an event-study approach, we examine stock markets’ reaction to the enactment of the ESG (Environmental, Social and Governance) Disclosure Simplification Act of 2021 by the United States House of Representatives. The Act mandates disclosure of standardized ESG metrics among American...