Net new equity issues, defined as the amount of new equity issued less the amount of seasoned equity retired, is significantly negatively related to the level of future IPO initial returns, both on average and at the firm level. The extreme fluctuations in net new equity issues play an important...

This study investigates the comovement across China, Hong Kong, and U.S. stock markets with the dynamic conditional correlation (DCC) model proposed in Engle (2002). This study answers three questions. First, will the policies of the Qualified Foreign Institutional Investors system (QFII) and...

As leveraged investors, are margin traders as informed as short sellers? Using a unique dataset on stock-level short selling and margin trading from three international stock markets, we find that margin trading has no cross-sectional predictability but short selling does. Compared to short...

The U.S. stock market has long been the most popular venue for both foreign companies and global investors. The recent cross-border regulation tensions between the U.S. and China, however, have exposed many U.S.-listed China Concepts Stocks (CCS) to substantial de-listing risks, forcing them to...