Using a comprehensive dataset of all medium and large enterprises in China between 2001 and 2007, we show that industrial policies plays contradictory role in China's economic growth: it significantly improve productivity at firm level, but has no significant or even negative effect on...

The Chinese stock market has witnessed a dramatic increase of analyst coverage over the past years. While analyst revisions clearly exhibit optimistic biases, we find significant market reactions to both upgrades and downgrades. However, in contrast to findings in existing literature for other...

Given the unique institutional setting in the Chinese stock market, we investigate the effect of analyst activity on the idiosyncratic volatility (IVOL) anomaly. Our results show that the inverse relation between IVOL and future stock returns is more pronounced in stocks without analyst...

Given the unique institutional setting in the Chinese stock market, we investigate the effect of analyst activity on the idiosyncratic volatility (IVOL) anomaly. Our results show that the inverse relation between IVOL and future stock returns is more pronounced in stocks without analyst...

Given the unique institutional setting and the role of analysts in the Chinese stock markets, we investigate the effect of analyst activities on idiosyncratic volatility (IVOL) anomaly. Our results show that the inverse relation between IVOL and future stock returns is more pronounced in the...

Despite an extensive literature based on upper echelons theory and imprinting theory explores how top managers’ previous experience influence corporate behaviors, little is known about the impact of managers’ early policy-induced adversity experience on corporate social responsibility. This...