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Webinar Series

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Capital Market Development: China and Asia

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Dec 2021

Zombies, Again? The COVID-19 Business Support Programs in Japan

Takeo HOSHI, Kenichi UEDA, Daiji KAWAGUCHI
We designed and conducted a firm-level survey on the use of COVID-19-related government programs, in collaboration with Tokyo Shoko Research, LTD (TSR). Combining the survey results with the financial statements of the respondent firms, we investigated the factors behind the allocation of various go...
Keywords: COVID-19, subsidies, Loans, Government, Japan
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Annual Conference

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Capital Market Development: China and Asia

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May 2013

Why Investors Do Not Buy Cheaper Securities: Evidence from a Natural Experiment

Baolian WANG, Kalok CHAN, Zhishu YANG
We examine the trading behavior of Chinese domestic investors after they were given access to the B-share market in 2001. Surprisingly, we find that only 2% of investors began buying B shares. Even among these 2%, investors were less likely to buy B shares if they had more experience in the A-share ...
Keywords: A/B share prices, portfolio inertia, trading experience, trading performance
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Webinar Series

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Capital Market Development: China and Asia

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Mar 2022

What Gets Measured Gets Managed: Investment and the Cost of Capital

Zhiguo HE, Baolian WANG, Guanmin LIAO
We study the impact of government-led incentive systems by examining a staggered reform in the Chinese state-owned enterprise (SOE) performance evaluation policy. To improve capital allocative efficiency, in 2010, regulators switched from using return on equity (ROE) to economic value added (EVA) wh...
Keywords: CEO compensation, Capital budgeting, Cost of Capital, Corporate governance, Economic reform, Transition economy
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Webinar Series

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Capital Market Development: China and Asia

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Dec 2023

Unraveling the Dividend Puzzle: A Field Experiment

Xiaoqiao WANG, Jing XIE, Xiaofeng ZHAO, Bohui ZHANG
We conduct a field experiment to test four dividend theories. We enhance managers’ perception of investors’ agency concerns, investors’ risk preference, investors’ information demand, and investors’ tax status respectively in four treatment groups. We find that past payers receiving the ag...
Keywords: Dividend policy, Field experiment, Agency costs, Investor Relations
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Webinar Series

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Capital Market Development: China and Asia

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Oct 2021

Understanding Retail Investors: Evidence from China

Charles M. JONES, Donghui SHI, Xinran ZHANG, Xiaoyan ZHANG
Using comprehensive account-level data from 2016 to 2019, we examine retail investor trading behavior in the Chinese stock market. We separate millions of retail investors into five groups by their account sizes and document strong heterogeneity in their trading dynamics and performance. Retail inve...
Keywords: retail investors, Chinese stock market, return predictability, liquidity, information content
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