We study the role of retail investors in information discovery and dissemination. Using a unique textual dataset of mandatory online “earnings communication conferences” from China, we find that stock market reaction and future firm performance are positively associated with the tone of...

We examine the central prediction of the pecking order theory of financing among firms in two distinct life cycle stages, namely growth and maturity. We find that within a life cycle stage, where levels of debt capacity and external financing needs are more homogeneous, and after sufficiently...

This paper studies the relation between immediate market response to corporate earnings announcements and subsequent stock price movement. By adapting an information signal model from Holthausen and Verrecchia (1988), we develop a new measure — the immediate earnings response coefficient...

Corporate life-cycle concept is widely used in a variety of disciplines, including management, economics and accounting, and also in the real-world investment. However, current commonly used methodologies of measuring life-cycle stages are either only suitable for small sample studies or only...

Using a multi-stage filtering procedure based on both algorithms and human judgement, we develop a Chinese Financial Sentiment Dictionary (CFSD) with the hope to help advance textual analysis of Chinese documents in accounting and finance. There are 1,489 negative words and 1,108 positive words...

We use panel data from 30 provinces of China over the period 2002-2019 to examine the effect of rising urban real estate prices on employment. Empirical results, using instrumental variable estimation, show that rising urban real estate prices have a negative and statistically significant impact...