Based on hand-collected information on private companies listed in the Chinese SME stock market, this paper studies how family involvement and political connection affect firms' IPO underpricing. Especially, we investigate how underpricing varies with higher- and ordinary level political...

This paper investigates the impact of economic policy uncertainty (EPU) on firms’ investment sensitivity to their peers’ stock prices. We find that investment increasingly responds to the variation of peers’ prices during the high policy uncertainty period in China. To deal with the...

In order to capture the value of cultural creativity, this study explored regional cultural creativities with different creative forms to understand how people interpret and interact with various regional cultural creative images. This was done by analyzing the abstract (performance) type of...

Average skewness, which is defined as the average of monthly skewness values across firms, performs well at predicting future market returns. This result still holds after controlling for the size or liquidity of the firms or for current business cycle conditions. We also find that average...