Do managers learn from stock prices in emerging markets? Evidence from China

The Internationalization of China’s Equity Markets

“…We are not the first ones to focus on the post-2012 period of internationalization of Chinese equity markets. Previous work finds that equity prices increased after the connection between stock markets in mainland China and Hong Kong SAR, China and that connected firms exhibited higher investment rates subsequently relative to unconnected ones (Bai and Chow, 2017;Chan and Kwok, 2017;Li et al, 2020;Ma et al, 2021;Peng et al, 2021;Wang, 2021;Chen et al, 2022). Some of these studies have performed their analyses within narrow time windows around the implementation of the Shanghai Connect program in 2014.…”

COVID-19 pandemic, limited attention, and analyst forecast dispersion

“…X is a vector of control variables. Following Lin et al (2022a ; 2022b ; 2022c ), Pan et al (2022a ; 2022b ), Kong et al (2020) and Chen et al (2020) , we include the following variables in the regression model: (1) TARGETEXP , which is the number of years that an analyst followed a target; (2) FOLLOWCOMS , measured as natural logarithm of the number of target firms an analyst following in a fiscal year; (3) FOLLOWINDUS , measured as natural logarithm of the number of target industries an analyst following in a fiscal year; (4) GENERALEXP , which is natural logarithm of an analyst's working experience (year); (5) ALLSTAR , measured as a dummy that equals one if an analyst is ranked as first to fifth in the institutional investors’ ranking and zero otherwise; (6) BROKERSIZE , which is measured with natural logarithm of the number of active analysts for a broker in a fiscal year.…”

Product market competition and controlling shareholders' tunneling: Evidence from China

“…First, as discussed earlier, rivals' IPO suspensions will reduce the competitive threat of incumbents. Successful IPO provides issuing firms competitive advantages over incumbents, such as relaxed financial constraints, greater investment flexibility, enhanced product credibility, and reduced information asymmetry (e.g., Chemmanur et al, 2010; Chen et al, 2020; Hsu et al, 2010; Liu and Ritter, 2011; Ritter, 2011; Shi et al, 2018; Yan & Wang, 2021). During a competitor's listing process, incumbents may face changing expectations about when the rival firm could be listed and the probability of an imminent competitive threat.…”