Purpose: Recent literature suggests that sin firms (firms in tobacco, gambling and alcohol industries) have lower institutional ownership, fewer analysts following, higher abnormal returns and higher financial reporting quality. This study aims to investigate empirically how sin firms engage in...

Among global fund managers and investors, the reliability of accounting data in emerging markets can be a major concern because some of the firms in their portfolio may be disseminating information that lacks compliance with generally accepted accounting standards. This study investigates the...

Among global fund managers and investors, the reliability of accounting data in emerging markets can be a major concern because some of the firms in their portfolio may be disseminating information that lacks compliance with generally accepted accounting standards. This study investigates the...

This paper shows that when Value-at-Risk constrained institutional investors care about their relative standings among the peer group, more risk averse investors would take more risk, which improves the risk sharing and lowers the volatility.

This paper studies information sharing between strategic investors who are privately informed about asset fundamental with different precision levels. We find that a coarsely informed investor would always share her information “as is” if her counterparty investor is well informed about the...