We examine a sample of 254 related party and arms' length acquisitions and sales of assets in Hong Kong during 1998-2000. Our analysis shows that publicly listed firms enter deals with related parties at unfavourable prices compared to similar arms' length deals. Firms acquire assets from...

We examine a sample of 254 related party and arms' length acquisitions and sales of assets in Hong Kong during 1998-2000. Our analysis shows that publicly listed firms enter deals with related parties at unfavourable prices compared to similar arms' length deals. Firms acquire assets from...

In this paper, we find a novel proxy to directly measure investor patience: the waiting time before they make the first purchase of an IPO stock in the secondary market, using which we prove the street lore that patience is an investing virtue (even in the very short run) by showing that more...

This paper considers informed traders' trading strategy in a bear market. Known as stealth trading, one strategy of informed traders' is to use medium-size trades, thus medium-size trades tend to contain more information than small- and large-size trades and to have stronger impact on stock...

We document that in China the maturity dates of bank-issued wealth management products (WMPs) cluster toward the end of a month and then decrease significantly at the beginning of the following month. Our empirical work detects a negative relationship between a bank's loan-to-deposit ratio (LDR)...

We examine wealth management products (WMP) issued by Chinese commercial banks, which are an important part of China's fast growing shadow banking sector. We document that the WMPs' maturity dates cluster toward the end of a month and then decrease significantly at the beginning of the following...

This paper considers informed traders' trading strategy in a bear market. Known as stealth trading, informed traders use medium-size trades, which tend to contain more information than small and large trades, and have stronger impact on stock price movement. Using the transaction data provided...

This paper comprehensively studies the effects of stock splits on the market characteristics of the stocks and also tries to give an explanation for the results referring to the existing hypotheses and previous empirical results. We investigate the trading activity, liquidity, information...