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market over the past 40 years since China initiated its economic reforms and open-door policy in 1978. The results indicate …
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Abstract: In this paper, we investigate the effects of insiders’ share pledging on stock liquidity. Using a sample of Chinese listed firms from 2007 to 2021, we find a positive association between share pledging and stock liquidity. The findings are robust to a series of robustness tests....
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