This paper examines the differential between the share prices of China's large state-owned commercial banks traded in Shanghai vs. prices observed in Hong Kong. We find a significant role for investor sentiment, as reflected in relative price-earnings ratios, in explaining these price...

The idea of this study was inspired by the learning behavior of the financial market developed by Pastor and Veronesi (2003). This study examines the relationship between stock split activity and company age. This paper finds that companies at younger age tend to split their stocks more often...

In recent years, stock pledge financing has prevailed in China. Individual shareholders’ stock-pledge announcements often release a signal for financing, thus causing abnormal stock-price fluctuations. Our paper focuses on the pledges by individual controlling shareholders between 2006 and...

In recent years, stock pledge financing has prevailed in China. Individual shareholders’ stock-pledge announcements often release a signal for financing, thus causing abnormal stock-price fluctuations. Our paper focuses on the pledges by individual controlling shareholders between 2006 and...

This dissertation studies the US real estate investment trust (REIT) market to empirically examine several conditions of the noise trader model (NTM) — a behavioral theory that purports to explain departures of listed property share prices from their net asset values (NAV spreads). First, we...