This study investigates the effects of high-speed rail (HSR) introduction in China on small investors’ on-site participation in shareholders’ general meetings, which is used to measure the "inverse distance–participation syndrome". We find that HSR introductionhas a significantly positive...

We investigate whether pledgee competition affects the disclosure choice of firms whose controlling shareholders pledge their shares. We find that pledgee competition is positively related to pledge firms' annual report tone management. This positive relationship is stronger for pledge firms...