We examine characteristics associated with the probability of Chinese companies being block trade targets. We find that the probability decreases once a company has completed its split-share structure reform, and thereby, substantially decreases non-publicly tradable shares. Accordingly, block...

We investigate the stock price performance of companies that become a block trade target in China where unique institutional characteristics exist. As with US evidence, stock prices of target companies positively react to the announcement of block trades. The positive effect of block trades...

We find that Chinese CEOs with foreign experience tend to engage less in related-party transactions. This result holds through various analyses, including firm-fixed effects model estimations, propensity score matching, and instrumental variable regressions. The effect of CEO foreign experience...

We investigate earnings management of state-owned enterprises (SOEs) being a block trade target in China. Some block trades transfer control rights of SOEs to private parties (STP transactions) while others sell shares to another SOE (STS transactions). We find that SOEs manage earnings more...

The removal efficiency of antibiotic resistance genes (ARGs) is the biggest challenge for the treatment of erythromycin fermentation residue (EFR). In the current research, spray-dried EFR was composted with bulking materials, consisting of cattle manure and maize straw, at ratios of 0%...

We investigate causes and consequences of the emerging shareholder hostility in Japan. Steel Partners, an activist hedge fund based in San Francisco, takes big stakes in more than 30 Japanese firmsand pushes for strategic changes and sometimes tries to gain control of whole businesses....

In 2006, the United Nations Global Compact launched Principles for Responsible Investment (PRI), and the Japanese Ministry of Environment advocated financial mechanisms for environmental protection. We find that institutional ownership in 2005 is positively related to the probability of...

We find that the portfolio of Korean firms with small accounts payable and large accounts receivable experiences negative excess returns when investors learn that North Korea sank a South Korean warship in May 2010. The negative effect of small accounts payable (large accounts receivable) is...

In Chinese equity issues, long-term interval exists between initial announcement and execution due to regulatory process. Meanwhile, issuance prices of private placements are regulated not to fall below 90% of market prices at the announcement. We argue that Chinese firms conduct private...