Exploiting the staggered establishment of public data open platforms (PDOPs) across different cities of China, we study whether and how improved public data availability affects firms’ stock price crash risk (SPCR). We find that the establishment of PDOPs significantly decrease local firms’...

We study marketwide liquidity and trading activity in China. Trading activity increases in up markets more than in down markets, which is consistent with the disposition effect and the large number of unsophisticated retail investors in China. Whereas, on average, liquidity and trading activity...