Government facing fiscal pressures is a prevalent phenomenon worldwide. This study investigates how governments’ fiscal squeeze shapes non-listed firms’ privatization. To establish causality, we exploit a policy shock in China, the cancellation of agricultural tax, to document that the...

By using a unique dataset on mutual fund visits to listed firms in China, we investigate whether mutual funds are able to obtain private information or benefit from their communication with firms. Our findings are as follows: 1) such communication significantly increases the subsequent trading...

Using a manually collected dataset on the overseas experiences of directors for Chinese listed firms, we examine effects of returnee directors on firms' corporate social responsibility engagement (CSR). Our results show that returnee directors significantly improve firms' CSR engagements. The...

We examine the improvements to forecast accuracy that result from analysts' visits to listed companies. We find that company visits significantly enhance the accuracy of the analysts' earnings forecasts for those companies. The benefit from company visits is more pronounced for companies that...

This paper investigates the effects of auditors with international working experience on audit quality in emerging markets. Such auditors are associated with better audit quality, a pattern that is further supported by an examination based on a propensity score matching sample that controls for...

There is a debate on whether company visits, an important channel of analysts’ information acquisition, should be regulated similar to management disclosure under Regulation Fair Disclosure. Exploiting a Shenzhen Stock Exchange regulation, this study examines the impact of forcing the timely...

This study examines capital allocation efficiency in the business group when parent firms experience adverse shocks of financial conditions. We exploit a quasi-experiment in China, the mandatory dividend of a state-owned business group in 2007, to conduct difference-in-differences estimation,...