Stock market liberalization, as an integral part of the financial opening, is a critical measure for China to promote economic market-oriented and open-oriented reforms, whose prerequisite is effective risk prevention and control. Considering the “Mainland-Hong Kong Stock Connect” program as...

This study examines the impact of stock market liberalization on corporate investment and its underlying mechanisms in the context of the Mainland–Hong Kong Stock Connect programs in China. The difference-in-differences estimation suggests that stock market liberalization improves corporate...