Purpose – The purpose of this paper is to empirically analyze the relationship between risky asset allocation and background risk of Chinese residents. Design/methodology/approach – Using Chinese macroeconomic data, this study uses numerical method to solve dynamic stochastic optimal...

We investigate how a broker firm’s initial public offering (IPO) affects its analysts’ fiduciary duty of providing independent and objective recommendations. We find that the analysts of newly listed broker firms issue more positively biased recommendations in the first 2 to 3 years after...

This paper examines the announcement effects of dividends with an emphasis on stock dividends in the Chinese capital market. We find that dividend paying stocks exhibit significantly positive abnormal returns while non-dividend paying stocks show a negative announcement effect. Further, we...