Purpose: The purpose of this paper is to empirically analyze whether and how managerial overconfidence affects stock price crash risk. Design/methodology/approach: Based on a large sample of Chinese non-state-owned firms from 2000 to 2012, this study employs methods including multiple linear...

Capacity constraints limit the profits of some investment strategies, while other strategies are more scalable. We develop a dollar-weighted return measure that parses the factor timing by investors and a strategy's capacity constraints. We find that actively managed funds exhibit significant...

If fiscal decentralization reform and unbalanced economic growth increase horizontal fiscal inequality across China, this may deteriorate public services in underfunded regions and slow down economic growth and urbanization in the long run. Our study investigated the inequality of fiscal...

We use a sequential game to analyze an agency problem in the mutual fund industry where a representative fund manager considers window-dressing his portfolio holdings for the purpose of attracting fund flows from a representative investor. The manager is motivated to window-dress to improve the...

This study investigates the influence of mobile payment application use on crime rates. Using a unique database of verdicts from criminal courts in China and an index measuring the extent of mobile payment usage, we find that a one standard deviation increase in mobile payment adoption and usage...