Separating overvalued from just highly-valued stocks is a major objective of investment analysis, since, as Jensen (2004) stated, “overvalued stocks will, by definition, collapse.” Highly-valued stocks, in contrast, can persist in their elevated valuation. We claim in this study that the...

Subsidies have become increasingly popular for policy makers to promote the adoption of ecofriendly new technologies. Normally, the costs of these subsidies are nontrivial, underscoring the need to determine their efficacy. This work examines one subsidy used to steer consumers away from...

We find that three factors – cryptocurrency market, size, and momentum – capture the cross-sectional expected cryptocurrency returns. We consider a comprehensive list of price- and market-related factors in the stock market, and construct their cryptocurrency counterparts. Nine...

This paper documents different timeliness in disseminating sanction and enforcement information (SEI) by two types of regulatory agencies in China and the different consequences that flow from them. The China Securities Regulatory Commission (CSRC) does not make timely public disclosures of SEI...

The Enron/Arthur Andersen scandal has raised concerns internationally about auditor independence, audit quality, and the need for regulatory action such as mandatory auditor rotation. China's unique institutional features provide a setting in which we can compare comprehensively the various...