This paper assesses the role of correlation dynamics in mean-variance sector allocation. A correlation timing framework is deployed to evaluate dynamic strategies against a static constant covariance strategy and the nonparametric RiskMetrics covariance model. We find using sector portfolios in...

This paper examines the relationship between capital structure and the inner structure of pyramid in an emerging market economy country. The author uses firm-level panel data of Chinese listed companies to analyze the influence of the inner structure of pyramid on capital structure and the...

The financialization of non-financial firms has been widely concerned by academia and the industry in China, but there is little research on the factors influencing corporate financialization. Using a sample of Chinese non-financial listed firms from 2010 to 2019, we find that customer...

The extant literature offers extensive support for the significant role played by institutions in financial markets, but implicit regulation and monitoring have yet to be examined. This study fills this void in the literature by employing unique Chinese datasets to explore the implicit...

This paper examines the relationship between capital structure and the inner structure of pyramid in an emerging market economy country. The author uses firm-level panel data of Chinese listed companies to analyze the influence of the inner structure of pyramid on capital structure and the...

This paper examines the effects of the pyramid inner ownership structure of companies on capital structure in an emerging market economy country. The author uses firm-level panel data of Chinese listed companies to analyze the effects of the inner structure of pyramid on capital structure, and...

This paper examines the relationship between capital structure and the inner structure of pyramid in an emerging market economy country. The author uses firm-level panel data of Chinese listed companies to analyze the influence of the inner structure of pyramid on capital structure and the...

We examine the impact of social trust on corporate R&D expenditure. Using a large sample of 1,811 Chinese firms during 2007-2018, we show that social trust significantly promotes corporate R&D expenditure. Firms located in higher social trust regions invest 6.16%(4.17%) more in R&D1(R&D2) than...