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...

The leadership vacuum caused by the absence of a political leader has a major impact on economies. We manually collect data on the absence of a political leader in 247 Chinese cities between 2009 and 2019 and find that firms reduce investment by an average of 2.326% for each month that the...

We study how the availability of domestic credit influences the contribution that financing activities make to a firm's return on equity (ROE). Using a sample of 51,866 firms from 69 countries, we find that financing activities contribute more to a firm's ROE in countries with higher domestic...

We study the frequency of restatements by foreign firms listed on US exchanges. We find that the restatement rate of US listed foreign firms is significantly lower than that of comparable US firms and that the difference depends on the firm's home country characteristics. Foreign firms from...