This paper analyzes the relationship between excess stock returns and the macroeconomy of China. A factor-augmented regression is applied to a panel of 123 monthly Chinese macroeconomic time series. Eight fundamental macroeconomic factors are identified and used to examine the excess returns in...

The notion of long-term memory has received considerable attention in empirical finance. This paper makes two main contributions. First one is, the paper provides evidence of long-term memory dynamics in the equity market of China. An analysis of market patterns in the Chinese market (a typical...

This paper examines the impact of profitability, stock price performance and growth opportunity on the capital structure of firms in Singapore, Taiwan and Hong Kong. In contrast to Kayhan and Titman (2007), it is found that firms in these three Chinese-dominated economies strongly prefer debt to...

Equity analysts who are more accurate in forecasting earnings tend to work at higher quality brokerage houses. This relation is endogenous, making it difficult to infer causality between brokerage house quality and forecast accuracy. We identify the exogenous portion of equity analysts' initial...

Whether the narrative innovation disclosure in financial report captures incremental useful information content beyond traditional real innovative activities (i.e., R&D intensity and patent)? To what extent the narrative innovation disclosure is related to real innovative activities? Is there...

Research on power and trust in mega project delivery is still at the infant stage particularly in the emerging economy. This paper proposes a governance framework that examines how a broad range of factors that interplay with power and trust in affecting project performance. Based on literature...