We propose a proxy for global equity mispricing (mispricing $R^2$) based on an instrumented principal component analysis of the return variation of 198 mispricing anomalies. We find that mispricing $R^2$ is higher for countries with lower market development, lower accounting quality, and higher...

World Heritage inscription denotes recognition of cultural and natural properties that have outstanding universal value. This paper contributes to the debate on the tourism impact of WH inscription with prefectural city data from China. The difference-in-differences framework shows that WH...