Chinese companies report year-end earnings and dividends simultaneously, so when the two sets of news are in conflict, the relative importance of earnings versus dividends can be disentangled. Chinese dividend announcements take precedence over earnings news, as revealed by Cumulative Absolute...

This paper examines the effect of corporate governance and stock liquidity on corporate payout policy in the context of the split-share structure reform initiated in 2005 in China. In this reform, non-tradable shares were converted into tradable shares compulsorily. The reform removed a...

This paper examines the effect of corporate governance and stock liquidity on corporate payout policy in the context of the split-share structure reform initiated in 2005 in China. In this reform, non-tradable shares were converted into tradable shares compulsorily. The reform removed a...