Whether lower stock price synchronicity reflects information or noise does not have a conclusive answer yet. From the perspective of analyst following in China, our empirical study reveals that, the stock price synchronicity which star analysts following is lower than that of non-star analysts,...

We analyze a procedure common in empirical accounting and finance research where researchers use ordinary least squares to decompose a dependent variable into its predicted and residual components and use the residuals as the dependent variable in a second regression. This two‐step procedure...

We empirically study whether and how tax incentives impact fundraising and success of early-stage businesses and investor behavior in equity crowdfunding. With tax incentives, investors may gravitate toward incentive-eligible opportunities at the expense of those ineligible. Due to such movement...

We conduct two experiments to investigate how investors react to attributions accompanying management guidance. In our first experiment, we investigate the joint effect of attribution locus (external versus internal attribution) and guidance-news valence (positive versus negative guidance news)...