This paper investigates the integrity of financial analysts by examining their recommendation responses to large quarterly earnings surprises. Although there is no significant difference in recommendation changes between affiliated and unaffiliated analysts in response to positive earnings...

We examine how institutional investors influence post-earnings announcement drift (PEAD) in China. Our findings suggest that institutional holdings are positively correlated with PEAD in China, especially when institutional investors herd strongly on earnings news. This positive relationship is...

Using Shanghai-Hong Kong Stock Connect program as a quasi-natural experiment, we examine whether and how stock market liberalization affects corporate R&D disclosure in China. Contrary to the positive impact of stock market liberalization on overall firm disclosure, we find that stock market...

One of the explanations offered for stock splits is that the split signals positive information by reducing the stock price range in expectation of improved future prospects. Price declines also lead to changes in the stock price dynamics but related securities are not subject to these other...