We study the relationship between the Fama and French (2015) five factors’ betas and the expected overnight versus intraday stock returns in China’s A-share markets. We find that factor betas and expected returns exhibit contrasting relationships overnight versus intraday. The market, value,...

The goal of this study is to show how we establish a general framework for the prediction of the critical so-called “Turning Period” which would play a very important role in assisting better plans for the time frame of emergence plans, in particular for associated looking forward planning...

We propose a behavioral signaling explanation for the positive announcement effects of stock splits. There are two key behavioral ingredients in our model. First, (retail) investors have misconceptions about stock splits that make them view stock splits as good news. Second, investors are...

The influence of religious beliefs on investment is interesting and important in literature. We use a large dataset with detailed information on the worship places of the five largest religious groups in China to study the relationship between local religious beliefs and individual financial...

Based on behavioral finance theory, we discuss the influence of managers' herd behavior on corporate financialization from the perspective of managers' behavioral preferences. Empirical testing was conducted using data from nonfinancial listed firms on the Shanghai and Shenzhen A-shares from...

The research examines the effect of Chinese Astrology (shio) and managerial ownership on firm's performance. The research also examines other issue of agency problem which is called managerial ownership. The separation between the principal with ownership function and agent with control function...

We study the role of Chinese government guidance funds (GGFs) in value creation for investee firms. Using a sample of 2,855 firms that went public during the period of 2010-2021, we show that GGF-backed IPO firms had higher initial returns than non-VC-backed IPO firms and non-GGF VC-backed IPO...

This article studies the relationship between investor sentiment and default risk. This paper shows the statistical significance of a set of variables related to market sentiment and uses them to predict the default risk of Chinese companies. We define the Z-score of Chinese companies as default...

We study the effects of political participation on holdings of liquid assets in Chinese privately controlled listed firms. Previous research has shown that the risk of political extraction by politicians and bureaucrats in countries with weak institutions has an adverse effect on holdings of...

We investigate the relation between the internally generated cash flows and fixed asset investments of Chinese firms and find that it is U-shaped. Cash flow and investment are negatively related for low levels of cash flow but positively related for high levels of cash flow. We find that...