Since the open door policy was embarked upon in 1979, China s banking sector has undergone gradual but notable reforms. A key objective of the reforms implemented by the Chinese government is to build an effective, competitive and stable banking system in order to improve its efficiency and...

We study how short selling affects corporate tax avoidance. By exploiting staggered short-sale deregulation on the Chinese stock market as a source of variation in market pressure and monitoring, our difference-in-differences estimates show that the introduction of a short-selling scheme...

This paper examines how the target's customer concentration affects merger performance. We find that the acquirer purchasing a customer-concentrated firm experiences significantly lower announcement return and worse long-run stock performance. The effect is more pronounced when the customers...

We determine the conditional expected logarithmic (that is, continuously compounded) return on a stock whose price evolves in terms of the Feller diffusion and then use it to demonstrate how one must know the exact probability density that describes a stock's return before one can determine the...

Our study examines the influence of institutional investors on firm investment efficiency based on the non-financial firms listed on Chinese stock exchanges over the period of 2009–2014. Our results show that institutional ownership generally improves firm investment efficiency. However, after...