Based on a unique arrangement of trading and disclosure times around earnings announcements in the Chinese stock market, we provide evidence of a striking overnight-intraday disparity in terms of the reaction to earnings news. Specifically, we find that the overnight period exhibits a strong and...

Alibaba, the e-commerce giant that completed a record-setting IPO in the United States in 2014 and was valued at over $700 billion in early 2021, is one of hundreds of Chi-na-based firms listed in the United States whose controlling insiders are largely law-proof: the corporate and securities...

Using U.S.-listed Chinese firms as the setting, this paper studies a novel channel through which investors can acquire information about firms' financial reporting quality, that is, the reports published voluntarily by short sellers. I find that short sellers tend to target firms that have...

This article empirically investigates the impacts of the board’s rejection of shareholder proposals on corporate value and the appropriate approach to regulation. Using a hand-collected dataset on shareholder-proposal-rejection incidents in China, I find that a rejection decision would on...

This study examines the impact of ownership features, corporate governance mechanisms, and firm-specific characteristics on the voluntary disclosure provided by publicly-listed companies on the Shanghai Stock Exchange in China. The ownership structure features and corporate governance mechanisms...

Studies on state ownership often involve endogeneity issues, such as a lack of variation in state ownership status and vastly different firm characteristics between state-owned enterprises and private firms. By using an exogenous regulatory reform, the split share structure reform in China, this...

We use data from China to examine whether regulations that limit management influence over auditors improve audit quality. China's State-owned Assets Supervision and Administration Commission of the State Council (SASAC) issued two rules in 2004 aimed at improving audit quality for state-owned...

Chinese firms listing in the U.S. via reverse mergers (CRMs) have dominated prior media, regulator and research attention. Yet CRMs have effectively ceased, leaving Chinese firms listing via initial public offerings (CIPOs) as the relevant remaining class of Chinese firms listing on U.S....

We examine the impact of China's anti-corruption campaign on firm-level financial reporting quality (FRQ). As an important component of the anti-corruption campaign, in October 2013, “Rule 18” was issued to prohibit party and government officials from serving as directors for publicly listed...