Hou, Xue and Zhang's (2015) q-factor model outperforms other factor models in capturing the PTH (the ratio of current price to 52-week high price) anomaly: High-PTH stocks earn high future returns. PTH's relations with future profitability and future investment growth are both significantly...

The existence of post earnings announcement drift (PEAD) depends strongly on whether stocks' prices are near (far from) their 52-week highs when positive (negative) earnings surprises arrive. We find that the coincidence of these two effects is what generates significant PEAD. Daily returns...

This paper investigates the effect of political hierarchy on regional economic growth from the perspective of officials' rank. Based on this phenomenon that higher-ranking local officials (HRO) serve in regions with lower administrative level, matching prefecture-level cities’ data and...

The paper explores how institutional ownership and ownership heterogeneity affect the firm's CVC launch, duration, portfolio decisions, and outcomes. Our finding shows an inverse U-shape relationship between institutional ownership and CVC investments. The increase in institutional ownership can...

The national independent innovation demonstration zone (NIIDZ) is an independent innovation policy that plays a crucial role in implementing strategies. Given the importance of the NIIDZ, this study uses panel data of 278 prefecture-level cities in China from 2006 to 2020 and empirically...

Given the shifting corporate policy from defined benefit (DB) to defined contribution (DC) schemes, we investigate the determinants of so-called ‘freezing’ of DB schemes. We test the reasons of pension freezing and its influence on firm performance, for all FTSE350 companies from 2009 to...