Zhichao Li's Outputs (7)

Does commercial reform embracing digital technologies mitigate stock price crash risk? (2025)
Journal Article
He, G., Li, Z., Yu, L., & Zhou, Z. (online). Does commercial reform embracing digital technologies mitigate stock price crash risk?. Journal of Corporate Finance, Article 102741. https://doi.org/10.1016/j.jcorpfin.2025.102741

Over the recent decade or so, the Chinese government implemented a commercial reform that features governmental application of digital technologies to acquire and process firm information. The core objective of commercial reform is to improve informa... Read More about Does commercial reform embracing digital technologies mitigate stock price crash risk?.

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.

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.