Exploiting the enforcement of the “Golden Tax-III” project in China as an exogenous variation in the tax monitoring faced by firms, this paper studies the effect of tax enforcement on corporate information disclosure quality. Our difference-in-differences estimates show that, an increase in...

Certificates are widely used as a signaling mechanism to mitigate adverse selection when information is asymmetric. To reduce information asymmetry between lenders and borrowers, Chinese peer-to-peer (P2P) lending platforms encourage borrowers to obtain various kinds of credit certificates. As...

While trading appears to be hazardous to most individual investors' wealth, some individual investors with well-functioning informational networks may be able to turn a profit. Indeed, we find that in the Chinese stock market, wealthy investors with portfolio values above the 99.5th percentile...