The proliferation of institutions has drawn an attention in the financial economists' interest on the effect of institutional trading on market volatility for a few decades. Existing research on institutional investors, however, has not considered separating a bull market from a bear market, an...

This study investigates the effectiveness of government intervention in rescuing bearish markets in a transition economy. Focusing on a pre- and a post-intervention period, the findings reveal that government intervention successfully rescued bearish markets in China and led to a fundamental...

This study investigates the effectiveness of government intervention in rescuing bearish markets in a transition economy. Focusing on a pre- and a post-intervention period, the findings reveal that government intervention successfully rescued bearish markets in China and led to a fundamental...

There is scant empirical evidence on how government involvement affects the investor demand for firm-specific information. We fill the void by testing how investors respond to risk-factor disclosures in IPO prospectuses in China, where state-controlled firms receive government-offered implicit...

With increasing interest from commercial players in developing insurance markets to meet the needs of low-income people, efforts to find sustainable products have expanded rapidly yet remain elusive. This is particularly true in the domain of health insurance, where the general challenges of...

"Fiscal federalism has been argued to intensify regional competition and promote economic growth. This paper is the first, to our knowledge, to empirically assess the patterns and extent of strategic tax competition between geographically neighboring governments in China. Using a panel data set...