This paper investigates whether and how the initiation of Credit Default Swaps (CDS) trading affects analyst optimism. First, we document that analyst forecasts become less optimistic after the initiation of CDS trading. Second, we find that the dampening effect of CDS on analyst optimism is...

This paper studies the rise and fall of “Mini” options that are especially catered to retail investors for popular but high-priced securities. Using transaction-level data, we find that transaction costs of Mini options are much higher than those of standard options and the difference cannot...

China's construction state-owned enterprises (SOEs) remain tormented by impotent long-term competitiveness and lack of knowledge about how to adapt to the market economy environment. This study investigates the interaction between firms' external environment, internal resources and competences,...