This study systematically examines the ability of aggregate insider trading to predict future market returns in the Chinese A-share market. After controlling for the contrarian investment strategy, aggregate executive (large shareholder) trading conducted over the past six months can predict 66%...

This study examines the effects of China's 2008 trading ban regulation on the insider trading of large shareholders in China's A-share market. It finds no evidence of insider trading during the ban period (one month before the announcement of a financial report), due to high regulation risk....

We consider a varying coefficient regression model for sparse functional data, with time varying response variable depending linearly on some time independent covariates with coefficients as functions of time dependent covariates. Based on spline smoothing, we propose data driven simultaneous...

The development of shadow banking system in China catalyzes the expansion of banks' off-balance-sheet activities, resulting in a distortion of China's traditional credit expansion and underestimation of its commercial banks' overall risk. This paper is the first to incorporate banks' overall...

This paper shows that politicians' pressure to climb the career ladder increases bank risk exposure in their region. Chinese local politicians are set growth targets in their region that are relative to each other. Growth is stimulated by debt-financed programs which are mainly financed via bank...

This paper shows that politicians' pressure to climb the career ladder increases bank risk exposure in their region. Chinese local politicians are set growth targets in their region that are relative to each other. Growth is stimulated by debt-financed programs which are mainly financed via bank...

Purpose: The train dispatching is a crucial issue in the train operation adjustment when passenger flow outbursts. During holidays, the train dispatching is to meet passenger demand to the greatest extent, and ensure safety, speediness and punctuality of the train operation. In this paper, a...

Electronic shelf label (ESL) is an emerging price display technology around the world. While these new technologies require non-trivial investments by the retailer, they also promise significant operational efficiencies in the form of savings in material, labor and managerial costs. The presumed...

Electronic shelf label (ESL) is an emerging price display technology around the world. While these new technologies require non-trivial investments by the retailer, they also promise significant operational efficiencies in the form of savings in material, labor and managerial costs. The presumed...

The paper estimates banks’ total factor efficiency (TFE) as well as TFE of each production factor by incorporating banks’ overall risk endogenously into bank’s production process as undesirable by-product in a Global-SMB Model. Our results show that, compared with a model incorporated with...