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China Accounting and Finance Review (CAFR)

Established in 1999, China Accounting and Finance Review (CAFR) is the first refereed journal of accounting and finance published in the Greater China Region. CAFR is widely regarded as an “A” journal by top Chinese universities, such as Tsinghua University, Fudan University, Shanghai University of Finance and Economics, and Central University of Finance and Economics.

CAFR is published quarterly by the School of Accounting and Finance at The Hong Kong Polytechnic University, with its emphasis on disseminating accounting and finance research from China to the international community, and vice versa. CAFR welcomes high-quality submissions of general interests in all areas of accounting and finance, including those not necessarily focused on China.

 ISSN: 2307-3055 (Online):

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Accounting-Track Consulting Editors

Finance-Track Consulting Editors

C.S. Agnes Cheng, Hong Kong Polytechnic University    

Thomas J. Chemmanur, Boston College

Charles M.C. Lee, Stanford University

Ji-Chai Lin, Hong Kong Polytechnic University

James Ohlson, Hong Kong Polytechnic University

Avanidhar (Subra) Subrahmanyam, UCLA


Accounting-Track Executive Editor

Finance-Track Executive Editor

Nancy Su, Hong Kong Polytechnic University

Gang Hu, Hong Kong Polytechnic University


Accounting-Track Associate Editors

Finance-Track Associate Editors

 Shimin Chen, CEIBS

 George O. Aragon, Arizona State University

 Junxiong Fang, Fudan University

 Warren B. Bailey, Cornell University

 Simon Fung, Hong Kong Polytechnic University

 Xuanjuan (Jane) Chen, SHUFE

 Guojin Gong, Penn State University

 Li Gan, Texas A&M, NBER, and SWUFE

 Joanna Ho, UC Irvine

 Marcin Kacperczyk, Imperial College London

 Qinglu Jin, SHUFE

 Jun-Koo Kang, Nanyang Technological University

 Stephen Lin, Florida International University

 Yu-Jane Liu, Peking University

 Hai Lu, University of Toronto

 R. David McLean, DePaul University

 Linda Myers, University of Arkansas

 Walid Saffar, Hong Kong Polytechnic University

 Grace Pownall, Emory University

 Wei-Ling Song, Louisiana State University

 Katherine Schipper, Duke University

 Qinghai Wang, University of Wisconsin-Milwaukee

 Michael Welker, Queen's University

 Chaopeng Wu, Xiamen University

 Xing Xiao, Tsinghua University

 Tong Yao, University of Iowa


 Wayne W. Yu, City University of Hong Kong


 Wei Zhang, Tianjin University


 Assistant Editor

 Editorial Associate

 Kenneth Chu, Hong Kong Polytechnic University

 Amy Kwan, Hong Kong Polytechnic University















All subject areas of accounting and finance research related but not necessarily to China, and all research methodologies, be they analytical, behavioural, conceptual, empirical, or experimental, are within the ambit of the journal. The overriding concern is the rigorous study of important issues in accounting and finance. Besides what might be termed traditional research, CAFR especially welcomes original and innovative research on accounting and finance.

Notes to Contributors

The editors welcome submissions that fall within the editorial policy of the journal. Submissions are accepted on the understanding that they have not been published previously and that they are not under consideration by any other journal. Authors are required to explicitly state that these conditions have been met in a covering message to the editors.

Please send your manuscripts via email in Word or PDF format to Ms Amy Kwan at

Guidelines for Submission of Manuscripts

1 Manuscripts should be written in English. Accepted papers are published in English with Chinese titles, abstracts, and names and institutional affiliations of authors.
2 All pages should be numbered consecutively. Titles and subtitles should be short. References, tables, legends for figures, and illustrations should appear after the main text in the above order and should begin on separate pages.
3 The first page of the manuscript should contain the title of the paper and the name(s), position(s), and institutional affiliation(s) of the author(s). It should also give the name and e-mail address of the corresponding author.
4 An abstract of not more than 200 words should appear on a separate page after the title page. Up to six keywords should be provided.
5 Footnotes should be as few as possible and numbered consecutively with superscript Arabic numerals. They should not include displayed formulae or tables. Acknowledgements and information on grants received can be given in the first footnote.
6 Displayed formulae should be numbered consecutively in the text as (1), (2), etc. against the right-hand margin of the page.
7 Tables should be numbered consecutively in the text in Arabic numerals.
8 References to publications should be as follows: 'Scott (1998) studied the problem of...' or 'This problem has been studied (e.g. Scott, 1998)'. There should be a strict one-to-one correspondence between names and years in the text and those on the list of references. The titles of journals should not be abbreviated in the list. References should appear as follows:

Davis, A. R. and Deng, J. (1985), Auditing Methods, Oxford: Oxford University Press.

Contribution to collective works
Jiang, W. (1990), 'A Crossroads of the Accounting Profession in China', in Li, G. (ed.), The Accounting Profession in the 1990s, Oxford: Oxford University Press, pp. 52-65.

White, L. S. and Wu, N. M. (1998), 'The Effect of Auditors' Incentives on their Judgments', Journal of Accounting 35 (1): 151-159.

The list of references should be in alphabetical order by the author's last name.

Contents Authors
Volume 19, Number 2, June 2017  
The Determinants and Consequences of the Dynamic Compensation Inconsistency of Top Management Teams: Evidence from Chinese Listed Firms Yue Xu and Yunguo Liu
Whose interests do independent directors represent? - Examining the ownership-contingent nature of the relationship between board independence and tunnelling  Charles P. Cullinan, Fangjun Wang, Peng Wang, and Junqin Sun
Government Stakeholder and CSR Reports: Evidence from China Wei Yu and Ying Zheng
Volume 19, Number 1, March 2017  
Institutional Environment, Deregulation, and Market Reaction to Listed Private Firms Qingyuan Li, Shu Zeng, Yue Zou, Hongjian Wang, and Ying Hao
Confucian Culture and Accounting Information Quality Bo Cheng, Fei Pan, and Yang Xuan
Volume 18, Number 4, December 2016  
Corporate Pyramids and Stock Price Crash Risk: Evidence from China Xiaorong Li, Nianhang Xu, Qiao Liu, and Wei Luo
The Impact of Fair Value Accounting on Corporate Disclosure Xinzi Li and Ting Luo
Deliberate IPO Underpricing or Market Misvaluation? New Evidence from China J. Ginger Meng, Wei Zhang, and Gaofeng Zou
Anti-Corruption Policy and Firms' Three Public Consumptions Shuang Xue, Qian Wang, and Zepeng Zhao
Volume 18, Number 3, September 2016  
Public Information, Private Information, and Financial Analysts’ Forecasts Yutao Wang
Unexpected Information, Investor Attention, and the Contagion Effect of IPO Withdrawal Xiongyuan Wang and Jie He
The Zodiac Calendar and Equity Factor Returns Janice Phoeng and Laurens Swinkels
Auditor Group, Inter-group Interaction, and Financial Statement Comparability: Evidence from Audit Firm Mergers in China Qiang Cao
Volume 18, Number 2, June 2016  
Regional Industry Structure, Industrial Tax Burden, and the Effectiveness of the Replacing Business Tax with Value Added Tax Policy: Evidence from Listed Companies in China Huobao Xie and Lili Hui
Volume-Synchronised Probability of Informed Trading on Chinese Index Futures: A Comparative Approach Zhongzhi (Lawrence) He, Jinzhi Jiang, Martin Kusy, and Samir Trabelsi
Family Business Governance: An Economics Interpretation and Research Implications in China Zengquan Li, Guoliang Zhou, Feng Guan, and Junxia Liu
Volume 18, Number 1, March 2016  
Does the Liquidity of Underlying Stocks Affect the Liquidity of Derivatives? Evidence from a Natural Experiment Gang Li
Realised Volatility Forecasts for Stock Index Futures Using the HAR Models with Bayesian Approaches Jiawen Luo and Langnan Chen
Political Background and Household Entrepreneurship in China Xiang Zhang, Lunyi Li, and Ziheng Li
Volume 17, Number 4, December 2015  
How to Make Finance Scholarship More Creative and Equitable: An Author's Suggestions to Editors and Referees Avanidhar Subrahmanyam
Is Forecast Capability Important? Evidence from the Selection of Best Analysts in China Yi Quan and Shangkun Liang
Managers' Personal Characteristics, Bank Supervision, and Cost Stickiness Shangkun Liang, Gang Zhao, and Na Wang
Volume 17, Number 3, September 2015  
D&O Insurance and Corporate Investment Efficiency Xinyuan Chen, Kai Zhu, and Nan Li
Information Content of Text in Chinese Audit Opinions Ziye Zhao and Minhua Lin
Volume 17, Number 2, June 2015  
Industry Competition Structure, Market Power, and Stock Price Crash Risk Yu Xin, Xiaolong Gu, and Tianyu Li
Does Control Privatisation Affect Corporate Tax Aggressiveness? Liangliang Wang and Yuetang Wang
Proprietary Costs and the Disclosure of Information about Major Customers: Evidence from Chinese Listed Firms Song Tang, Kaigang He, and Jie Xu
Volume 17, Number 1, March 2015  
Research on the Management Control Systems in Different R&D Activities - A Field Study of a Listed Company Yue Wang, Fei Pan, Lin Zhou, and Chenggong Zhao
Social Network and Trade Credit: Evidence Based on Structural Holes Yunsen Chen
Managerial Shareholding, Investment Flexibility, and Equity Valuation Qingchuan Hou, Qinglu Jin, Peipei Zhang, and Man Zhang
Volume 16, Number 4, December 2014  
Vertical Integration and Inventory Management Efficiency Jun Huang, Shuang Xue, and Yun Hong
Client Importance: A Measurement Bias and Its Impact Xi Wu, Tiebing Zeng, and Chunfei Wang
Do Politically Connected Independent Directors Help Chinese Listed Private Firms Enter High-Barrier Industries? Xingqiang Du, Quan Zeng, and Yingjie Du
Volume 16, Number 3, September 2014  
Shareholdings in Financial Institutions, Financing Constraints, and Cash Reserves Song Zhu, Guanting Chen, and Wencui Du
Executive Corruption, Contagion Effect, and Investor Protection - Empirical Evidence from the Bai Peizhong Case Dong Chen, Qiliang Liu, Le Luo, and Yiwei Yao
Volume 16, Number 2, June 2014  
Does the Cross-Sectional Equation EPSt+1 = a*Pt + b*EPSt + ut+1 Differ between China and the US? James A. Ohlson
Value Investing: Bridging Theory and Practice Charles M. C. Lee
Structural Changes in the Chinese Stock Market: A Review of Empirical Research Haitian Lu and Jiajia Fu
A Replication Study of Ball and Brown (1968): Comparative Analysis of China and the US Wanyu Chen and Wenli Huang
The Association between Earnings and Returns: A Comparative Study between the Chinese and US Stock Markets Vincent Y. S. Chen and Yew Kee Ho
Aggregate Accounting Earnings and Security Returns: China Evidence and the Replication of US Results Zongxue Du, Feng Tang, and William S. Zhang
Does Income Smoothing Improve Earnings Informativeness? - A Comparison between the US and China Markets C. S. Agnes Cheng and Shuo Li
The Role of Accounting Accruals in Chinese Firms Pepa Kraft
Accounting Valuation and Cross-Sectional Stock Returns in China Woo-Jong Lee and Yu Zhang
Information Content of Annual Earnings Announcements: A Comparative Study Yuan Huang and Xiao Li
Big N Auditors and Earnings Response Coefficients - A Comparison Study between the US and China Jun Du and Gaoguang Zhou
Discussion on "Big N Auditors and Earnings Response Coefficients - A Comparison Study between the US and China" Joanna L. Ho
The Fama-French Three Factors in the Chinese Stock Market Jin Xu and Shaojun Zhang
The Quality of Analysts' Cash Flow Forecasts in China Jun Yao and Chenxing Meng
Volume 16, Number 1, March 2014  
Audit Firm Size, Earnings Management, and Information Asymmetry Xiaolin Chen, Dongmin Kong, and Yutao Wang
The Effect of Compensation Committee on CEO Compensation Contracts: Evidence from China Kun Wang and Xing Xiao
Analysts’ Recommendation Revisions and Investment Value Erjia Yang, Lu Li, and Yunsen Chen
Volume 15, Number 4, December 2013  
Industry Competition and Earnings Persistence: Empirical Tests Based on Real Options Theory Xinyuan Chen, Qinglu Jin, and Tusheng Xiao
Venture Capital, Property Rights, and Managerial Compensation Contracts Shuang Xue and Fengshou Tang
Firm Earnings Persistence over the Business Cycle: Evidence from Listed Companies in China Qingyuan Li, Hongjian Wang, and Xin Rong
Volume 15, Number 3, September 2013  
Private Benefits of Control and Dynamics of Board Structure Adjustment - Evidence from the CSRC's Compulsory Introduction of Independent Directors Hao Liu, Liangyu Zhao, and Fenfen Liu
Political Connections, Analyst Following, and the Informativeness of Insider Trading in China Qingsheng Zeng and Yaozhong Zhang
Volume 15, Number 2, June 2013  
Empirical Research on Accounting Conservatism and Business Financing Lingling Suo, Kezhi Yang, and Hao Ji
Ownership Structure, Institutional Environment, and the Economic Consequences of Corporate Social Responsibility Information Disclosure: Evidence from Analysts' Earnings Forecasts Xianjie He, Tusheng Xiao, and Hongjun Zhu
PORC Audit Firms and IPO Client Quality: An Empirical Study of Rent-Seeking and Reputation-Based Explanations Jinsong Tan, Xiangting Kong, and Yang Yi
Volume 15, Number 1, March 2013  
Does the Media as a Watchdog Affect Auditors' Decisions? Deming Yang and Min Liu
Independent Directors with Industrial Expertise, Audit Complexity, and Audit Fee Ziye Zhao and Jing Zhou
New Chinese Accounting Standards and the Usefulness of Accounting Information in Debt Contracts Hongqi Yuan, Yubo Li, Fang Lou, and Yao Zhang
Volume 14, Number 4, December 2012  
Financial Restatement, Information Risk, and Market Perception: Evidence from Auditors Qiang Cao, Hanwen Chen, and Liangcheng Wang
Conservative Accounting, Growth Opportunity, and Cash Dividend Overpayment Song Zhu and Hawfeng Shyu
Shareholder Monitoring, Compensation Contract Efficiency, and Perks - A Study on the "Age 59 Phenomenon" among SOE Managers Hualin Wan and Xinyuan Chen
Volume 14, Number 3, September 2012  
Heterogeneity of Institutional Investors and Firm Performance Xiancong Wu and Xing Liu
Fund Governance and Collusion with Controlling Shareholders: Evidence from the Split Share Structure Reform in China Qingchuan Hou, Qinglu Jin, and Veicheng Yu
Auditors' Industry Expertise, Auditor Tenure, and Audit Quality: Evidence from China at the Audit-Partner Level Shuang Xue, Feiteng Ye, and Chi Fu
Volume 14, Number 2, June 2012  
Ownership Structure and Corporate Operating Risk Liping Xu and Yu Xin
Capital Investment Efficiency and Accounting Information Quality Zhi Jin and Xue Yang
Regulator Change and Enforcement Severity Donghua Chen, Dequan Jiang, and Shangkun Liang
Volume 14, Number 1, March 2012  
Legal Environment, Political Connections, Auditor Choice, and Audit Pricing - Evidence from Chinese Private Listed Firms Jun Zheng, Zhonggao Lin, and Lin Peng
Media Coverage, Conservative Accounting, and Market Reaction Song Zhu, Hawfeng Shyu, and Lijie Yao
The Effects of the Adoption of the New China Accounting Standards on Firms' Information Environment Xianjie He, Tusheng Xiao, Ye Tian, and Xinyuan Chen
Volume 13, Number 4, December 2011  
Earnings Quality of Family Firms: Evidence from China's Stock Markets Jun Huang and Tianshu Zhang
Cash Dividends, Taxation Costs, and the Regulation Paradox Kai Zhu, Gang Sun, and Qian Jia
Audit Fee Determination in Singapore: A Comprehensive Analysis Qin Cao, Qian Sun, and Wilson H. S. Tong
Volume 13, Number 3, September 2011  
The Weath Effects of Vertical Mergers: Empirical Evidence from Listed Corporations in China Qingyuan Li and Yongchao Wang
Political Connections, Family Succession, and Firm Performace: A Case Study of Shanxi Haixin Steel Group Shaofei Wang, Zengquan Li, and Qifen Zhu
Local Audit Firm Mergers and Discretionary Accruals of Clients in China Junsheng Zhang and Yamin Zeng
Volume 13, Number 2, June 2011  
Political Connections, Auditor Choice, and Auditor Independence: Evidence from Private A-Share Listed Firms in China Mincai Li and Danglun Luo
Timing of Auditor Changes, Divergence of Audit Opinions, and Audit Quality - Empirical Evidence from the Securities Markets of China Ye Tian and Quan Chen
Investor Attention and the Accrual Anomaly Xiaohan Li and Ming Zhang
Volume 13, Number 1, March 2011  
New-Listing Bias and Long-Term Underperformance of IPOs Jianjun Niu and Yuanpeng Li
Mandatory Adoption of IFRS, Implementation of New Laws, and Accrual and Real Earnings Management Qiliang Liu, Weifeng He, and Le Luo
The Social Burdens of Blockholders and Fund Embezzlement: An Empirical Study of SOEs' Restructuring and Listing Qingsheng Zeng and Xinyuan Chen
Volume 12, Number 4, December 2010  
Operational Risk, Ownership, Banking Competition, and Corporate Debt Maturity Structure: An Empirical Test of the Liquidity Risk Theory Guanmin Liao, Yiyu Tang, and Xi Wu
Internal Control Disclosure, Firm Over-investment, and Financial Crisis: Evidence from Chinese Listed Companies Wanfu Li, Bin Lin, Deming Yang, and Ye Sun
Market Reaction to Sales of Restricted Shares and Shareholder Behaviour Patterns Hongjun Zhu, Lu Li, Hui Wang, and Liyong Yu
Volume 12, Number 3, September 2010  
The Financial Expertise of Independent Directors, Firm-Specific Information, and Earnings Conservatism Xiaolin Chen, Xin Lin, and Dongmin Kong
Institutional Changes, Earnings Quality, and Debt Contracts—Empirical Evidence from the Chinese Banking System Reform Yunkui Xue and Xiuli Zhu
Playing Safe on the Board: The Role of Independent Directors—Evidence from Listed Firms in China Wayne W. Yu, Kai Zhu, Hongmei Wang, and Lu Zhang
Volume 12, Number 2, June 2010  
Do Domestic Analysts' Forecasts Matter to Market Consensus?—A Market Reaction Analysis of MBE Pilgrim Sheng Cao
The Contagion Effect during the Dairy Crisis: Evidence from the Chinese Securities Market Liang Sun and Chun Liu
Ownership Concentration, the Balance of Power within the Shareholder Structure, and the Entrenchment of Large Shareholders Wei Liu, Xing Liu, and Hanrong Zhang
Volume 12, Number 1, March 2010  
Earnings Persistence and the Regulatory Effect of the CSRC Policy of Disclosing Non-recurring Items Yan Meng, Chun Yuan, and Yu Gao
Stock Splits and Insider Trading Tak Yan Leung, Oliver Meng Rui, and Steven Shuye Wang
The Economic Consequences of the Regulation on Audit Fee Disclosure—Evidence from China's Audit Market Junxiong Fang
Volume 11, Number 4, December 2009  
Impact of IFRS Full Convergence in Hong Kong: Evidence of Value Relevance of Earnings and Auditor Response Nancy L. X. Su, Sunny Y. J. Sun, and Jun Yao
Short Selling, Floating Constraints, and Cross-Listed Stock Prices Steven S. Y. Wang and Wei Li
Volume 11, Number 3, September 2009  
Do Audit Firms Assign the More Experienced Engagement Partners to New Clients Switching from Other Firms? Xi Wu
The Audit Business Scale Effect of Regulatory Activities Ziye Zhao
Government Subsidy Decisions, Earnings Management Incentives, and Loss Reversals of Listed Firms Song Zhu and Yunsen Chen
Volume 11, Number 2, June 2009  
A New Angle on Financial Manipulation: Motivations for and Methods of Cash Flow Manipulation Shuang Xue and Feiteng Ye
Analysis of Institutional Investors' Role in Information Flow Haiyan Zhang, Jian Xue, and Ting Luo
Volume 11, Number 1, March 2009  
Accounting Standards, Audit Charges, and Opinion Shopping Yan Yan and Weiguo Zhang
Audit Regulation, Modified Audit Opinions, and Auditor Conservatism Qingquan Xin and Kun Huang
Volume 10, Number 4, December 2008  
Cash Holdings, Ownership Structure, and the Value of Cash Holdings Yanchao Wang, Bin Lin, and Deming Yang
An Empirical Study of the Relationship between Total Quality Management and Organisational Performance Donghua Wen and Fei Pan
Volume 10, Number 3, September 2008  
Earnings Management Incentives, Regulatory Environment, and Accounting Manipulation: Evidence from Long-Lived Asset Impairments Xiang Li, Ye Wang, and Lihua Chen
Causes and Consequences of the Manipulation of Asset Revaluation during the IPO Process in China Hongqi Yuan, Jiwei Wang, and Jing Yang
Volume 10, Number 2, June 2008  
Signing Auditor Tenure and Audit Quality: Empirical Evidence from Mainland China Stock Markets Qiliang Liu, Yuying Yu, and Hanwen Chen
Ownership Structure, Asset Quality, and Related-Party Loan Guarantees: Evidence from Chinese A-Share Listed Companies Song Tang, Guoliang Zhou, Xuhui Yu, and Zheng Sun
Volume 10, Number 1, March 2008  
The Corporate Life Cycle, Accrual Characteristics and Accounting Conservatism Xudong Chen and Dengshi Huang
Are Cash Flows Managed? -- Empirical Evdience from Quarterly Financial Statements of Chinese Listed Firms Shuang Xue, Xiang Cai, and Hong Guo
Volume 9, Number 4, December 2007  
The Large Shareholder's Internal Market and Value of a Listed Firm: An Empirical Test of the Efficiency and Tunnelling Theories Guojian Zheng, Minghai Wei, and Dongmin Kong
The Debt Contracting Explanation for Accounting Conservatism: An Empirical Study on Chinese Listed Companies Minghai Wei and Xiaohui Tao
Volume 9, Number 3, September 2007  
The Valuation Effects of Diversification: Evidence from China-listed Companies Jun Huang, Zengquan Li, and Hanrong Zhang
Does Auditor Size Change Investors' Perceptions of Audit Quality? Haiping Zhou and Changjiang Lu
Volume 9, Number 2, June 2007  
Independent Directors, Audit Committees, and Audit Opinions – Evidence from the Chinese Securities Market Xiaolin Chen and Limin Zhang
Connected Party Transactions, Firm Value, and Firm Characteristics: An Empirical Study on Chinese Listed Companies for the Years 2000 To 2004 Lei Gao, Shunlin Song, and Yunkui Xue
A Review of Empirical Research on Management Accounting Fei Pan, Yue Wang, and Hongbo Shen
Volume 9, Number 1, March 2007  
Does Top Executive Turnover Improve Performance? An Empirical Study on the Internal Corporate Governance Efficiency of Poorly Performing Chinese Listed Firms Yiqiang Fang, Lijun Xia, and Jing Zhu
Does the Arrangement of Corporate Control Rights Affect the Demand for External Audit Services? - Evidence from Auditor Choices and Audit Fees of Listed Firms Qifeng Zhang, Ming Zhang, and Junqiu Wang
Earnings Management, Corporate Governance, and State-Owned Enterprise Reform in China Yunkui Xue and Min Cheng
Volume 8, Number 4, December 2006  
Does the Compensation Ratio Reflect Earnings and Risks under the Split Share Structure Reform? Qinglu Jin and Hongqi Yuan
Client Importance and Audit Quality: Evidence from Chinese Listed Companies Qiliang Liu, Hanwen Chen, and Yiwei Yao
The Effect of the Institutionalisation of a Profitability Requirement: Evidence from China's "Special Treatment" Withdrawal Regulation Xi Wu
Volume 8, Number 3, September 2006  
A Markov Chain Model for Valuing Credit Risk Shih-chuan Tsai
Ownership Structure and Audit Committee Formation of Listed Companies Wenxian Xia and Hanwen Chen
The Value Relevance of Earnings and Their Components - Empirical Evidence from the Shanghai and Shenzhen Stock Exchanges Guoqing Zhang, Lijun Xia, and Yiqiang Fang
Volume 8, Number 2, June 2006  
Empirical Study on the Stock-Holding Preferences of Chinese Fund Managers Lei Gao, Shaohua He, and Shuxi Yin
An Empirical Study on the Predictive Power of Stock Returns Based on the Residual Income Valuation Model Zhong Ma and Lan Zhang
Determinants of the Resignation of Independent Directors: A Theoretical Framework and Empirical Study Jinsong Tan, Guojian Zheng, and Fan Zhou
Volume 8, Number 1, March 2006  
The Characteristics of Ultimate Shareholders and the Informativeness of Accounting Earnings Song Zhu
Investment Efficiency of the IPO Fund and the Cost of the Following Equity Issuing Shuang Xue and Jing Yang
Corporate Governance, Ownership of the Largest Shareholder, and Firm Performance Xiaodong Xu and Xia Wang
Past Issues (1999-2005):  English  Chinese  

Please direct all enquiries and comments to:

CAFR (Attn: Ms Amy Kwan)
7/F, Li Ka Shing Tower
School of Accounting and Finance
The Hong Kong Polytechnic University
Hung Hom, Kowloon
Hong Kong

Tel: (852) 2766 7079
Fax: (852) 2774 9364