Using a proprietary data set on the undisclosed voting records of analysts and professional investors on listed firms for Investor Relation (IR) Awards in Hong Kong, we show that the valuation effect of IR award announcements is positively significant. More importantly, awardees receiving...

This paper examines whether urban leverage, defined by the bank loan-to-deposit ratio in a city, affects housing prices in China. Using a panel dataset of 236 cities and hedonic models, we find a depressing effect of urban leverage on housing price in first- and second-tier cities while leaving...

In this study, we compare the adjustments of credit ratings by an investor-paid credit rating agency (CRA), represented by Egan-Jones Ratings Company, and an issuer-paid CRA, represented by Moody's Investors Service, vis-à-vis conflict of interest and reputation. A novel distribution dynamics...

This paper uses project level data of land auction prices in Hong Kong. It tests the hypotheses that the land auction price (real option premium) contains three sources of flexibility value: waiting to invest, the effect of direct interactions and the effect of financial structure. The OLS...

This paper uses project level data of land auction prices in Hong Kong. It tests the hypotheses that the land auction price (real option premium) contains three sources of flexibility value: waiting to invest, the effect of direct interactions and the effect of financial structure. The OLS...