This paper examines the impact of earnings announcements and earnings forecast revisions on stock returns across markets with different levels of maturity. In each market, the objects of interest are the effects of backward-looking earnings announcement information and forward-looking earnings...

The bankruptcy reorganization of listed companies in China matters a lot to the local governments and local economy. Although the Enterprise Bankruptcy Law (the “EBL”) of the People's Republic of China (“PRC”) does not grant many rights to the government in the enterprise bankruptcy, the...

Government intervention in the bankruptcy reorganisation of listed companies in China constitutes a major obstacle to implement the Enterprise Bankruptcy Law of the People's Republic of China which was enacted in 2006 (2006 EBL). The 2006 EBL improves upon its predecessor legislation — the...