We use a broker firm's initial public offering (IPO) as a special event of organisational structure change and test its effects on the broker firm's analyst recommendations. We find that analysts increase recommendations and the increases are significant in the few years after their broker...

By using a sample of 625 Public-Private Partnership (PPP) private sector firms that covers the years from 1980 to 2015 and straddles nine countries at varying degrees of economic development and PPP markets, we find that the motivation of the firms that undertake PPP investments varies. While...

This paper examines the effect of corporate governance and stock liquidity on corporate payout policy in the context of the split-share structure reform initiated in 2005 in China. In this reform, non-tradable shares were converted into tradable shares compulsorily. The reform removed a...

This paper investigates the factors that affect the likelihood of maintaining a stable relationship between a brokerage firm and its client funds and the effect of such a stable business relationship on analyst recommendations. We find that young funds, particularly those in small fund families,...

We analyze mutual fund flow-performance relationship using a novel sample of Chinese mutual funds that trade in a volatile market environment. Consistent with existing literature, we find that the net flow to a fund is positively related to past fund performance. However, the positive...

This paper examines why firms choose to pay stock dividends. Using a sample of listed Chinese firms, we find that younger, more profitable firms, with lower leverage, high levels of retained earnings, private ownership prior to listing and investing more in fixed assets are more likely to pay...

Chinese companies report year-end earnings and dividends simultaneously, so when the two sets of news are in conflict, the relative importance of earnings versus dividends can be disentangled. Chinese dividend announcements take precedence over earnings news, as revealed by Cumulative Absolute...

The Chinese market is characterized by state-controlled and closely held firms as well as significant differences in economic development and legal structures at the provincial level and corporate regulations that require firms seeking external financing to show a history of dividend payment....

We analyze the relationship between flows and performance of Chinese mutual funds that trade in a volatile market environment. Consistent with existing literature, we find that the net flow to a fund is positively related to past fund performance. Contrary to previous studies using samples in...

Using a quasi-natural experiment that mandates a subset of listed firms to issue corporate social responsibility (CSR) reports, this paper examines the effect of mandatory CSR disclosure on market information asymmetry in China, where we estimate information asymmetry using high frequency trade...