In China, a large proportion of companies are state owned, and this factor is a likely important driver of assets … & MacBeth (1973) regressions, we show that the SOE factor is critical in explaining cross section returns in China's domestic … pricing mechanism in China. While accounting for the SOE impact improves explanatory power of the asset pricing model, further …

This paper examines the differential between the share prices of China's large state-owned commercial banks traded in …

China's corporations, we show that the relationship between expected returns and capital investment varies significantly … captures the monetary supply shocks in China. As SOE firms have easier access to bank loans, the high investment firms in the …

Structure Reform in China. This reform abolishes the trading restriction of shares held mainly by state shareholders, which in …

We examine the impact of mutual fund ownership on stock price informativeness in China. Existing evidence shows that … stock price informativeness is low in China, and attributes this to firms' lack of disclosure incentives under the weak … mutual funds in China can also be moderated by state ownership of listed firms, which reduces firms' dependence on outside …