This paper addresses the information asymmetry between Chinese local A-share and foreign B-share markets and its impact on the B-share discount puzzle, contingent upon Chinese stock market liberalization reforms in 2001 and 2002. In contrast with the widespread notion that domestic investors are...

This paper addresses the information asymmetry between Chinese local A-share and foreign B-share markets and its impact on the B-share discount puzzle, contingent upon the regulatory reforms of the Chinese stock market liberalization in 2001 and 2002. In contrast with the widespread belief that...

This study investigates the effects of financial deepening on innovation efficiency for various democratic levels of political institutions using panel data from 69 countries spanning 1970-2010. Banking market deepening is associated with increased innovation efficiency only when political...

As in years past, to catalyze the students in my Ph.D. F798 class to think of finance ideas, I asked each one of them to read the abstracts of finance articles published in the last 5 years in JF, JFE, RFS and JFQA. Some general observations from the hard data above and the soft data generated...

This study explores the Chinese stock market's response to news shocks. The results show that: (1) institutional investors pay over-attention to positive news shocks but insufficient attention to negative news shocks, which cause the asymmetric reaction of the stock market directly; (2) the...

This study takes news observations of Chinese listed companies from 2006 to 2017 as a sample to explore how the stock market responds to news. From the perspective of limited attention, we shed light on the role of institutional investors in the above reaction mechanism. The findings suggest...