We study the dynamic relationship between movements in consumer confidence and equity prices. By conducting the level OLS tests, we have observed a strong contemporaneous relationship between consumer confidence and equity prices. A further VAR analysis justifies that one time lag S&P 500 return...

In merger and acquisition (M&A), we find strong evidence that within a 90 day window of a deal announcement date, analysts are more likely to upgrade their recommendations over the acquirer stocks in deals with cash only payment compared to deals with pure stock payment. To disentangle the means...

This paper utilizes a unique county-level dataset to examine technical efficiency and technology gap in China’s agriculture. We classify the counties into four regions with distinctive levels of economic development, and hence production technologies. A meta-frontier analysis is applied to the...