Can temporary policy interventions have permanent effects on regional industrial development? Exploiting disaggregated data on industrial construction in China before 1978 under the centrally planned economic system, this paper compares the long-term development of industries that received...

In this paper, we decompose attention allocation into two components – the familiar and the surprising – with opposite implications for US purchases of foreign stocks. On the one hand, familiarity-induced attention leads to an increase in US holdings of foreign equities. On the other hand,...

We use administrative registration records with information on the owners of all Chinese firms to document the importance of “connected” investors, defined as state-owned firms or private owners with equity ties with state-owned firms, in the businesses of private owners. We document a...

This paper analyzes the role of distance and financial development in equity portfolio performance, using panel data on mutual fund holdings in the U.S. stock market from 39 countries. Our paper shows that financial development, represented by financial depth, is positively correlated with...

This paper finds evidence of return cross-predictability among trading partners in international financial markets. We show that the predictability of international customers dominates the predictability of domestic customers, and the predictability of international intra-industry customers...

We examine the impact of voluntary customer information disclosure by Chinese-listed companies on their financing constraints from the perspective of information transparency. The results show that voluntary disclosure can alleviate financing constraints, and the effect is pronounced when...

Can temporary policy interventions have permanent effects on regional industrial development? This paper exploits disaggregated data on industrial construction under the centrally planned economic system in China before 1978 and compares the long-term development of industries with positive...

China's international investment position is characterized by large net foreign assets, a dominance of low-return foreign exchange reserves and costly foreign direct investment in foreign assets and foreign liabilities. In addition, China's foreign investment positions are facing potentially...