A large number of explanations of the low-risk anomaly have since been proposed, including leverage constraints, lottery preference, correction of market-driven overpricing, and so on. Based on data from the Chinese stock market, we conduct an examination of low-risk anomalies and investigate...

We use real estate investment trusts to examine how asset liquidation values influence a firm's financing choices, since the productivity and quality of each asset is observable and potential measures of an asset's liquidation value are easier to ascertain ex-ante. We show that compared to firms...

We use real estate firms to examine how asset liquidation values influence a firm's financing choices, since the productivity and quality of each asset is observable and potential measures of an asset's liquidation value are easier to ascertain ex-ante. We show that compared to firms that issue...