By using the data of Chinese firms with the state ownership structure, we examine whether institutional investors can help reduce the required return of equity for state-owned enterprises (SOEs) and non-SOEs. We find that an increase in the shareholdings of institutions especially independent...

Using data on Chinese firms with the unique state ownership structure of state-owned enterprises (SOEs), we examine whether institutional investors can help reduce the required returns on equity for SOEs or non-SOEs, and if so, the underlying channels. We find that an increase in the...

The consensus wisdom of active mutual fund managers, as reflected in their average over- and underweighting decisions, contains valuable information about future stock returns. Analyzing a comprehensive sample of active U.S. equity funds 1984-2008, we find that stocks heavily overweighted by...

Using the minute-frequency data of the top 30 coins listed on Binance, which represent 86% of the total dollar trading volume of the cryptocurrency market, we document strong evidence of cross-cryptocurrency return predictability. The lagged returns of other cryptocurrencies serve as significant...

Using the minute-frequency data on Binance, we find strong evidence of cross-cryptocurrency return predictability. The lagged returns of other cryptocurrencies serve as significant predictors of focal cryptocurrencies up to ten minutes, in line with slow information diffusion. The results are...