The article uses a sample of four state-owned commercial banks, ten joint-share commercial banks, and all foreign banks in China to examine the changes in market structure and financial performance (profitability) of Chinese commercial banks. The market structure appears to have some influence...

This paper proposes a novel approach to extract information from textual data for explaining cross-sectional stock returns, which overcomes the deficiencies of the traditional media tone measurement. We observe that firms with high media abnormal tone generate lower future returns than those...

This paper measures the media abnormal tone based on novel textual data in China and investigates its predictive power in cross-sectional stock returns. We observe that firms with high media abnormal tone generate lower future returns than those with low media abnormal tone. This negative...