Using holdings data on a representative sample of all Shanghai Stock Exchange investors, we show that increases in ownership breadth (the fraction of market participants who own a stock) predict low returns: highest change quintile stocks underperform lowest quintile stocks by 23% per year....

The unprecedented economic changes taking place in China over the past three decades have led to significant new fiscal pressures for the central and provincial governments. The relative decline of public ownership and rise of the private sector has forced governments to substitute revenues from...

Using holdings data on a representative sample of all Shanghai Stock Exchange investors, we show that increases in ownership breadth (the fraction of market participants who own a stock) predict low returns: highest change quintile stocks underperform lowest quintile stocks by 23% per year....

Most of the economic analyses of the overseas-Chinese network focus on trade and investment flows at the country level. In this paper, we analyze the effects of the ethnic Chinese network at the firm level. Contrary to the conventional wisdom, we find that ethnic-Chinese FDI firms in China in...

Weijian Shan, Managing Partner of Newbridge Capital, faces a tough call in regard to his firm's investment in Shenzhen Development Bank, China's fifteenth largest commercial bank listed on the Shenzhen Stock Exchange. Due to the aggressive lobby of the existing management at the bank, the...

We show that new managers who take over mutual fund portfolios typically proceed to sell off inherited momentum losers. They sell losers at higher rates than stocks in any other momentumdecile, even after adjusting for concurrent trades in these stocks by continuing fund managers. This behavior...