Dr Guanming He's Outputs (3)

How do insider trading incentives shape nonfinancial disclosures? Evidence from product and business expansion disclosures (2022)
Journal Article
He, G. (2023). How do insider trading incentives shape nonfinancial disclosures? Evidence from product and business expansion disclosures. Review of Quantitative Finance and Accounting, 60(1), 147-194. https://doi.org/10.1007/s11156-022-01093-5

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.

Are financially constrained firms susceptible to a stock price crash? (2022)
Journal Article
He, G., & Ren, H. (2023). Are financially constrained firms susceptible to a stock price crash?. European Journal of Finance, 29(6), 612-637. https://doi.org/10.1080/1351847x.2022.2075280

This study investigates whether and how financial constraints on firms affect the risk of their stock price crashing. We find strong evidence that financial constraints increase future stock price crash risk. This finding is robust to using two quasi... Read More about Are financially constrained firms susceptible to a stock price crash?.

Does air pollution impair investment efficiency? (2022)
Journal Article
He, G., & Lin, T. (2022). Does air pollution impair investment efficiency?. Economics Letters, 215, Article 110490. https://doi.org/10.1016/j.econlet.2022.110490

Using a sample of 2,174 Chinese listed firms for the period 2014-2019, we examine whether air pollution impairs investment efficiency of firms. We find robust evidence that air pollution is negatively associated with firms’ investment efficiency, and... Read More about Does air pollution impair investment efficiency?.