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Outputs (24)

The Roles of Financial Analysts in the Stock Market (2024)
Book Chapter
He, G., & Li, A. Z. (2024). The Roles of Financial Analysts in the Stock Market. In C. Few Lee, A. C. Lee, & J. C. Lee (Eds.), Handbook of Investment Analysis, Portfolio Management, and Financial Derivatives (2293-2308). World Scientific Publishing. https://doi.org/10.1142/9789811269943_0073

Investors lacking ample time, professional knowledge, and sufficient ability may find it difficult to understand the implication of complex corporate information and figure out the clear trend of future corporate performance. Financial analysts who p... Read More about The Roles of Financial Analysts in the Stock Market.

Does media coverage of firms' environment, social, and governance (ESG) incidents affect analyst coverage and forecasts? A risk perspective (2024)
Journal Article
He, G., & Li, A. Z. (2024). Does media coverage of firms' environment, social, and governance (ESG) incidents affect analyst coverage and forecasts? A risk perspective. International Review of Financial Analysis, 94, Article 103289. https://doi.org/10.1016/j.irfa.2024.103289

We examine whether and how media coverage of firms’ environment, social, and governance (ESG) incidents is associated with analyst coverage and forecasts. We propound that the risks of firms could either increase or decrease as a result of media-cove... Read More about Does media coverage of firms' environment, social, and governance (ESG) incidents affect analyst coverage and forecasts? A risk perspective.

How to make long-term investments in a stock market? A generic strategy for investors (2024)
Journal Article
He, G., Li, Z., & Shen, D. (2024). How to make long-term investments in a stock market? A generic strategy for investors. Review of Pacific Basin Financial Markets and Policies, 27(1), Article 2450002. https://doi.org/10.1142/S0219091524500024

Against the backdrop of increasingly fierce industrial competition nowadays, firms tend to have substantive business risk and/or information risk, increasing the estimation risk and limit of arbitrage for investors in their short-term investments in... Read More about How to make long-term investments in a stock market? A generic strategy for investors.

Derivative disclosures and managerial opportunism (2023)
Journal Article
He, G., & Ren, H. M. (2023). Derivative disclosures and managerial opportunism. Journal of Futures Markets, https://doi.org/10.1002/fut.22472

Derivatives are increasingly used by managers not only to hedge risks but also to pursue nonhedging activities for fulfilling opportunistic incentives. The Statement of Financial Accounting Standards No. 161 (SFAS 161) requires firms to disclose thei... Read More about Derivative disclosures and managerial opportunism.

Contribution to poverty alleviation: A waste or benefit for corporate financing? (2023)
Journal Article
He, G., Li, Z., Yu, L., & Zhou, Z. (2023). Contribution to poverty alleviation: A waste or benefit for corporate financing?. Journal of International Financial Markets, Institutions and Money, 89, Article 101875. https://doi.org/10.1016/j.intfin.2023.101875

We investigate whether Chinese firms’ involvements in poverty alleviation affect their costs of financing. We find causal evidence that firms’ contributions to poverty alleviation result in lower cost of equity and lower cost of debt, suggesting that... Read More about Contribution to poverty alleviation: A waste or benefit for corporate financing?.

Does analysts’ industrial concentration affect the quality of their forecasts? (2023)
Journal Article
He, G., Sun, Y., & Li, A. Z. (2024). Does analysts’ industrial concentration affect the quality of their forecasts?. Financial Markets and Portfolio Management, 38(1), 37-91. https://doi.org/10.1007/s11408-023-00435-0

We examine the association between financial analysts’ industrial concentration and the quality of their earnings forecasts. We find that analysts’ forecast quality, measured by forecast accuracy, forecast informativeness, and forecast timeliness, is... Read More about Does analysts’ industrial concentration affect the quality of their forecasts?.

The economic consequences of corporate social irresponsibility and policy implications (2023)
Book Chapter
He, G., Li, Z., & Slack, R. (2023). The economic consequences of corporate social irresponsibility and policy implications. In F. Moshirian, & C. Park (Eds.), Climate Change and Climate Finance: Current Experience and Future Directions (60-86). Asian Development Bank. https://doi.org/10.22617/TCS230333-2

Although extensive research has explored topics related to corporate social responsibility (CSR)—particularly within the context of the Sustainable Development Goals—including its impact on firms’ performance, the evidence is mixed and inconclusive.... Read More about The economic consequences of corporate social irresponsibility and policy implications.

How do insider trading incentives shape nonfinancial disclosures? Evidence from product and business expansion disclosures (2022)
Journal Article

Nonfinancial disclosures of product and business expansion planning occur frequently in practice and are an important vehicle by which managers convey corporate information to outsiders. However, little is known about how the opportunistic incentives... Read More about How do insider trading incentives shape nonfinancial disclosures? Evidence from product and business expansion disclosures.

The impact of the Shanghai – Hong Kong stock market connection on corporate innovation: Evidence from mainland China (2021)
Journal Article

The Shanghai stock market and the Hong Kong stock market were connected by the Chinese government in 2014, allowing Hong Kong investors to trade on a group of stocks on the Shanghai stock market. Using a difference-in-differences approach, we examine... Read More about The impact of the Shanghai – Hong Kong stock market connection on corporate innovation: Evidence from mainland China.

The role of earnings management in equity valuation (2021)
Book Chapter
He, G., Li, Z., & Shen, D. (2022). The role of earnings management in equity valuation. In C. Lee, & A. Lee (Eds.), Encyclopedia of Finance (2061-2094). (3rd edition). Springer Nature. https://doi.org/10.1007/978-3-030-73443-5_90-1

The intrinsic value of a firm’s equity is determined by the present value of future payoffs to equity-holders. Thus, to estimate equity value, one needs to identify and process a series of information that is relevant to the present value of expected... Read More about The role of earnings management in equity valuation.

How do executive pay and its gap with employee pay influence corporate performance? Evidence from Thailand tourism listed companies (2021)
Journal Article

Purpose- We investigate how executive pay and its gap with employee pay influence the performance of Thailand tourism listed companies. Design/methodology/approach- We manually collect data on the executives’ and employees’ remunerations for Thailand... Read More about How do executive pay and its gap with employee pay influence corporate performance? Evidence from Thailand tourism listed companies.

Do voluntary disclosures of product and business expansion plans impact analyst coverage and forecasts? (2019)
Journal Article

We investigate whether voluntary disclosures of product and business expansion plans affect analyst coverage and forecasts. We find that the level of analyst coverage is positively associated with the incidence of disclosures of product and business... Read More about Do voluntary disclosures of product and business expansion plans impact analyst coverage and forecasts?.