Both behavioral biases and informational advantages can drive insider trades. We first document that U.S. corporate insiders anchor on the 52-week low (high) for stock purchases (sales). We then find that insider trades made when the stock price is far away from its anchor levels are more...

Firm life-cycle concept has been used in a variety of disciplines, including economics, finance and accounting, and also in the real-world investment. This paper develops a new methodology of measuring firm life-cycle stages. By comparing a firm's status at each point of its development with its...

We design modified value investing strategies in emerging equity markets by comparing a country's value weight with its market capitalization weight among a group of emerging countries. These strategies can be easily tested and implemented by using various country index funds. Our proposed...

We study the role of retail investors in information discovery and dissemination. Using a unique textual dataset of mandatory online “earnings communication conferences” from China, we find that stock market reaction and future firm performance are positively associated with the tone of...

The SEC's EDGAR log files provide a direct, powerful measure of attention from relatively sophisticated investors. We apply this measure to a sample of earnings announcements from 2003 to 2016. We find that the stock market is less surprised, and the post-earnings-announcement drift is weaker...

We use panel data from 30 provinces of China over the period 2002-2019 to examine the effect of rising urban real estate prices on employment. Empirical results, using instrumental variable estimation, show that rising urban real estate prices have a negative and statistically significant impact...