This paper investigates how institutional investors matter for asset pricing by using daily institutional trading data and a natural experiment, the split–share structure reform in China. This reform required all listed companies to convert their non-tradable shares to tradable shares after...

This article studies how financial investors respond to firms' corporate social responsibility (CSR) performance in terms of their investing behaviors, and how such behaviors change contingent on an event that provokes their attention and concerns to CSR. Using the melamine contamination...

This study examines the causal effects of housing wealth appreciation on the stock market participation of households in China. Households that purchase a house with an area less than or equal to 90 m2 faced a significantly lower down payment following the unexpected announcements of a series of...