Using the unique regulatory setting from the Hong Kong stock market with both shortable and no-short stocks, we document that no-short stocks on average earn significantly higher average returns than shortable stocks. Furthermore, stocks that comove more with the portfolio of no-short stocks...

We investigate, for China's investable companies, the relation between stock returns and firm characteristics, and the impacts on the relation of the 2001-2003 financial reforms to further liberalize stock markets. For the first time in the literature, we document coexistence of a positive size...

Urban land reform in China aims to build an efficient land market. However, it has led to a dual land supply system that consists of both market-based leasing and administrative allocation. In recent years, the control by local municipal government over land supply has strengthened...