In this paper, we estimate the de facto RMB exchange rate regime, currency basket, floating band and foreign exchange market pressure before and after the reform of the Chinese exchange rate regime in 2005. The stylized facts indicate that the value of RMB became more stable; the weight of US...

This research finds that firm-specific experience significantly reduces analyst forecast accuracy, indicating the existence of “catering” behavior by which analysts issue favorable forecasts for the listed companies they have long-time relationships. Heterogeneity analysis finds out that the...