Since the 1990s, China's real estate market has experienced a dramatic and long-lasting boom across China. This boom has led to substantial concerns in both academic and policy circles that the rising housing prices might have developed into a gigantic housing bubble, which might eventually...

We examine whether industry-level short interest predicts industry stock returns and find that the former is negatively associated with the latter. Furthermore, this predictive ability is more pronounced in industries with higher information asymmetry surrounding firms, suggesting that either...

We identify a sample of firms with directors employed by institutional investors and examine the effect of a direct channel of institutional monitoring. Using difference-in-differences tests, we find weak evidence that institutional directors have a positive effect on informational efficiency....