We address the puzzling finding by Carpenter, Lu, and Whitelaw (2021) that stock prices in the Chinese A-share market are as informative about future earnings as those in the U.S. market. Contrary to their interpretation, we argue that, in the presence of prevalent earnings management and less sophi...
Keywords:
Earnings management, price informativeness, non-recurring gain and loss, the Chinese stock market, delisting rule reform
