Employing a novel approach of integrating regime analysis with event analysis, we examine the overall valuation pattern of stocks that traverse the short-sale-ban and the no-ban regime, employing data from the Hong Kong market. Switching from the ban to the no-ban regime, stocks initially...

This paper studies large price declines of individual stocks in 22 emerging markets. Using analyst reports as a proxy for information arrivals, we find that majority of crashes in emerging markets are not accompanied by information events, and these crashes are followed by price reversals....

Many so-called return predictability anomalies disappear over time. One theoretical explanation is that investors arbitrage profits away through their trading. But investors have used technical analysis strategies for ages, so this argument may not necessarily hold for seemingly profitable...

Financial derivatives have been increasingly used by firms to hedge against financial risks. However, it is still not clear what factors at the firm level lead to firms' derivative use and whether derivative use can generate performance improvement, especially in the context of firms operating...

In a true out of sample test we find no evidence that several well-known technical trading strategies predict stock markets over the period of 1987 to 2011. Our test is free of the sample selection bias, data mining, hindsight bias, or any of the other usual biases that may affect results in our...

Purpose - Using Chinese A-share listed firms between 2007 and 2020 with 21,380 observations, we aim to examine the impact of cross-ownership on firms' innovation output and explore the underlying mechanisms. Design/methodology/approach - To test the influence of cross-ownership on firms'...

Using a recent stock market liberalization reform policy in China-the Stock Connect-as a quasi-natural experiment, this study examines the effect of stock market liberalization on market efficiency. Employing a dataset of 17,086 Chinese listed firms covering 2009 to 2018, we find that stock...

Does waste disclosure really work? This study investigates the effect of waste disclosure on corporate governance. The results highlight a significant and positive relationship among board gender, independent board directors, sustainability committee, and verification of waste disclosure....