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 in March, June, September, and December 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.

p-ISSN: 1029-807X

e-ISSN: 2307-3055

Issues per year: 4

Read Online:

1. Global Science Journals

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
Executive Editor Gang Hu, Hong Kong Polytechnic University
Accounting-Track Associate Editors	Finance-Track Associate Editors
Andy Call, Arizona State University	George O. Aragon, Arizona State University
Shimin Chen, CEIBS	Warren B. Bailey, Cornell University
Junxiong Fang, Fudan 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
Bin Ke, National University of Singapore	Yu-Jane Liu, Peking University
Steve Wen-Jen Lin, Florida International University	R. David McLean, Georgetown University
Hai Lu, University of Toronto	Connie X. Mao, Temple University
Linda Myers, University of Tennesseey	Walid Saffar, Hong Kong Polytechnic University
Grace Pownall, Emory University	Wei-Ling Song, Louisiana State University
Katherine Schipper, Duke University	Qinghai Wang, University of Central Florida
Michael Welker, Queen's University	Chaopeng Wu, Xiamen University
M. H. Franco Wong, University of Toronto	Tong Yao, University of Iowa
Xing Xiao, Tsinghua University	Wayne W. Yu, City University of Hong Kong
X. Frank Zhang, Yale University	Wei Zhang, Tianjin University
Assistant Editor
Kenneth Chu, Hong Kong Polytechnic University
Editorial Associate
Amy Kwan, Hong Kong Polytechnic University
Editorial Assistant
Yi Alex Wang, 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.

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: Monographs 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. Journals 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.

Please send your manuscripts via email in DOC/DOCX or PDF format to Ms Amy Kwan.

Date	Contents	Authors
1999-2005	Past Issues (1999-2005): English Chinese
2006-12	Volume 8, Number 4 Does the Compensation Ratio Reflect Earnings and Risks under the Split Share Structure Reform?	Qinglu Jin and Hongqi Yuan
2006-12	Volume 8, Number 4 Client Importance and Audit Quality: Evidence from Chinese Listed Companies	Qiliang Liu, Hanwen Chen, and Yiwei Yao
2006-12	Volume 8, Number 4 The Effect of the Institutionalisation of a Profitability Requirement: Evidence from China's "Special Treatment" Withdrawal Regulation	Xi Wu
2006-09	Volume 8, Number 3 A Markov Chain Model for Valuing Credit Risk	Shih-chuan Tsai
2006-09	Volume 8, Number 3 Ownership Structure and Audit Committee Formation of Listed Companies	Wenxian Xia and Hanwen Chen
2006-09	Volume 8, Number 3 The Value Relevance of Earnings and Their Components - Empirical Evidence from the Shanghai and Shenzhen Stock Exchanges	Guoqing Zhang, Lijun Xia, and Yiqiang Fang
2006-06	Volume 8, Number 2 Empirical Study on the Stock-Holding Preferences of Chinese Fund Managers	Lei Gao, Shaohua He, and Shuxi Yin
2006-06	Volume 8, Number 2 An Empirical Study on the Predictive Power of Stock Returns Based on the Residual Income Valuation Model	Zhong Ma and Lan Zhang
2006-06	Volume 8, Number 2 Determinants of the Resignation of Independent Directors: A Theoretical Framework and Empirical Study	Jinsong Tan, Guojian Zheng, and Fan Zhou
2006-03	Volume 8, Number 1 The Characteristics of Ultimate Shareholders and the Informativeness of Accounting Earnings	Song Zhu
2006-03	Volume 8, Number 1 Investment Efficiency of the IPO Fund and the Cost of the Following Equity Issuing	Shuang Xue and Jing Yang
2006-03	Volume 8, Number 1 Corporate Governance, Ownership of the Largest Shareholder, and Firm Performance	Xiaodong Xu and Xia Wang
2007-12	Volume 9, Number 4 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
2007-12	Volume 9, Number 4 The Debt Contracting Explanation for Accounting Conservatism: An Empirical Study on Chinese Listed Companies	Minghai Wei and Xiaohui Tao
2007-09	Volume 9, Number 3 The Valuation Effects of Diversification: Evidence from China-listed Companies	Jun Huang, Zengquan Li, and Hanrong Zhang
2007-09	Volume 9, Number 3 Does Auditor Size Change Investors' Perceptions of Audit Quality?	Haiping Zhou and Changjiang Lu
2007-06	Volume 9, Number 2 Independent Directors, Audit Committees, and Audit Opinions – Evidence from the Chinese Securities Market	Xiaolin Chen and Limin Zhang
2007-06	Volume 9, Number 2 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
2007-06	Volume 9, Number 2 A Review of Empirical Research on Management Accounting	Fei Pan, Yue Wang, and Hongbo Shen
2007-03	Volume 9, Number 1 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
2007-03	Volume 9, Number 1 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
2007-03	Volume 9, Number 1 Earnings Management, Corporate Governance, and State-Owned Enterprise Reform in China	Yunkui Xue and Min Cheng
2008-12	Volume 10, Number 4 Cash Holdings, Ownership Structure, and the Value of Cash Holdings	Yanchao Wang, Bin Lin, and Deming Yang
2008-12	Volume 10, Number 4 An Empirical Study of the Relationship between Total Quality Management and Organisational Performance	Donghua Wen and Fei Pan
2008-09	Volume 10, Number 3 Earnings Management Incentives, Regulatory Environment, and Accounting Manipulation: Evidence from Long-Lived Asset Impairments	Xiang Li, Ye Wang, and Lihua Chen
2008-09	Volume 10, Number 3 Causes and Consequences of the Manipulation of Asset Revaluation during the IPO Process in China	Hongqi Yuan, Jiwei Wang, and Jing Yang
2008-06	Volume 10, Number 2 Signing Auditor Tenure and Audit Quality: Empirical Evidence from Mainland China Stock Markets	Qiliang Liu, Yuying Yu, and Hanwen Chen
2008-06	Volume 10, Number 2 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
2008-03	Volume 10, Number 1 The Corporate Life Cycle, Accrual Characteristics and Accounting Conservatism	Xudong Chen and Dengshi Huang
2008-03	Volume 10, Number 1 Are Cash Flows Managed? - Empirical Evidence from Quarterly Financial Statements of Chinese Listed Firms	Shuang Xue, Xiang Cai, and Hong Guo
2009-12	Volume 11, Number 4 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
2009-12	Volume 11, Number 4 Short Selling, Floating Constraints, and Cross-Listed Stock Prices	Steven S. Y. Wang and Wei Li
2009-09	Volume 11, Number 3 Do Audit Firms Assign the More Experienced Engagement Partners to New Clients Switching from Other Firms?	Xi Wu
2009-09	Volume 11, Number 3 The Audit Business Scale Effect of Regulatory Activities	Ziye Zhao
2009-09	Volume 11, Number 3 Government Subsidy Decisions, Earnings Management Incentives, and Loss Reversals of Listed Firms	Song Zhu and Yunsen Chen
2009-06	Volume 11, Number 2 A New Angle on Financial Manipulation: Motivations for and Methods of Cash Flow Manipulation	Shuang Xue and Feiteng Ye
2009-06	Volume 11, Number 2 Analysis of Institutional Investors' Role in Information Flow	Haiyan Zhang, Jian Xue, and Ting Luo
2009-03	Volume 11, Number 1 Accounting Standards, Audit Charges, and Opinion Shopping	Yan Yan and Weiguo Zhang
2009-03	Volume 11, Number 1 Audit Regulation, Modified Audit Opinions, and Auditor Conservatism	Qingquan Xin and Kun Huang
2010-12	Volume 12, Number 4 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
2010-12	Volume 12, Number 4 Internal Control Disclosure, Firm Over-investment, and Financial Crisis: Evidence from Chinese Listed Companies	Wanfu Li, Bin Lin, Deming Yang, and Ye Sun
2010-12	Volume 12, Number 4 Market Reaction to Sales of Restricted Shares and Shareholder Behaviour Patterns	Hongjun Zhu, Lu Li, Hui Wang, and Liyong Yu
2010-09	Volume 12, Number 3 The Financial Expertise of Independent Directors, Firm-Specific Information, and Earnings Conservatism	Xiaolin Chen, Xin Lin, and Dongmin Kong
2010-09	Volume 12, Number 3 Institutional Changes, Earnings Quality, and Debt Contracts—Empirical Evidence from the Chinese Banking System Reform	Yunkui Xue and Xiuli Zhu
2010-09	Volume 12, Number 3 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
2010-06	Volume 12, Number 2 Do Domestic Analysts' Forecasts Matter to Market Consensus?—A Market Reaction Analysis of MBE	Pilgrim Sheng Cao
2010-06	Volume 12, Number 2 The Contagion Effect during the Dairy Crisis: Evidence from the Chinese Securities Market	Liang Sun and Chun Liu
2010-06	Volume 12, Number 2 Ownership Concentration, the Balance of Power within the Shareholder Structure, and the Entrenchment of Large Shareholders	Wei Liu, Xing Liu, and Hanrong Zhang
2010-03	Volume 12, Number 1 Earnings Persistence and the Regulatory Effect of the CSRC Policy of Disclosing Non-recurring Items	Yan Meng, Chun Yuan, and Yu Gao
2010-03	Volume 12, Number 1 Stock Splits and Insider Trading	Tak Yan Leung, Oliver Meng Rui, and Steven Shuye Wang
2010-03	Volume 12, Number 1 The Economic Consequences of the Regulation on Audit Fee Disclosure—Evidence from China's Audit Market	Junxiong Fang
2011-12	Volume 13, Number 4 Earnings Quality of Family Firms: Evidence from China's Stock Markets	Jun Huang and Tianshu Zhang
2011-12	Volume 13, Number 4 Cash Dividends, Taxation Costs, and the Regulation Paradox	Kai Zhu, Gang Sun, and Qian Jia
2011-12	Volume 13, Number 4 Audit Fee Determination in Singapore: A Comprehensive Analysis	Qin Cao, Qian Sun, and Wilson H. S. Tong
2011-09	Volume 13, Number 3 The Weath Effects of Vertical Mergers: Empirical Evidence from Listed Corporations in China	Qingyuan Li and Yongchao Wang
2011-09	Volume 13, Number 3 Political Connections, Family Succession, and Firm Performace: A Case Study of Shanxi Haixin Steel Group	Shaofei Wang, Zengquan Li, and Qifen Zhu
2011-09	Volume 13, Number 3 Local Audit Firm Mergers and Discretionary Accruals of Clients in China	Junsheng Zhang and Yamin Zeng
2011-06	Volume 13, Number 2 Political Connections, Auditor Choice, and Auditor Independence: Evidence from Private A-Share Listed Firms in China	Mincai Li and Danglun Luo
2011-06	Volume 13, Number 2 Timing of Auditor Changes, Divergence of Audit Opinions, and Audit Quality － Empirical Evidence from the Securities Markets of China	Ye Tian and Quan Chen
2011-06	Volume 13, Number 2 Investor Attention and the Accrual Anomaly	Xiaohan Li and Ming Zhang
2011-03	Volume 13, Number 1 New-Listing Bias and Long-Term Underperformance of IPOs	Jianjun Niu and Yuanpeng Li
2011-03	Volume 13, Number 1 Mandatory Adoption of IFRS, Implementation of New Laws, and Accrual and Real Earnings Management	Qiliang Liu, Weifeng He, and Le Luo
2011-03	Volume 13, Number 1 The Social Burdens of Blockholders and Fund Embezzlement: An Empirical Study of SOEs' Restructuring and Listing	Qingsheng Zeng and Xinyuan Chen
2012-12	Volume 14, Number 4 Financial Restatement, Information Risk, and Market Perception: Evidence from Auditors	Qiang Cao, Hanwen Chen, and Liangcheng Wang
2012-12	Volume 14, Number 4 Conservative Accounting, Growth Opportunity, and Cash Dividend Overpayment	Song Zhu and Hawfeng Shyu
2012-12	Volume 14, Number 4 Shareholder Monitoring, Compensation Contract Efficiency, and Perks - A Study on the "Age 59 Phenomenon" among SOE Managers	Hualin Wan and Xinyuan Chen
2012-09	Volume 14, Number 3 Heterogeneity of Institutional Investors and Firm Performance	Xiancong Wu and Xing Liu
2012-09	Volume 14, Number 3 Fund Governance and Collusion with Controlling Shareholders: Evidence from the Split Share Structure Reform in China	Qingchuan Hou, Qinglu Jin, and Veicheng Yu
2012-09	Volume 14, Number 3 Auditors' Industry Expertise, Auditor Tenure, and Audit Quality: Evidence from China at the Audit-Partner Level	Shuang Xue, Feiteng Ye, and Chi Fu
2012-06	Volume 14, Number 2 Ownership Structure and Corporate Operating Risk	Liping Xu and Yu Xin
2012-06	Volume 14, Number 2 Capital Investment Efficiency and Accounting Information Quality	Zhi Jin and Xue Yang
2012-06	Volume 14, Number 2 Regulator Change and Enforcement Severity	Donghua Chen, Dequan Jiang, and Shangkun Liang
2012-03	Volume 14, Number 1 Legal Environment, Political Connections, Auditor Choice, and Audit Pricing - Evidence from Chinese Private Listed Firms	Jun Zheng, Zhonggao Lin, and Lin Peng
2012-03	Volume 14, Number 1 Media Coverage, Conservative Accounting, and Market Reaction	Song Zhu, Hawfeng Shyu, and Lijie Yao
2012-03	Volume 14, Number 1 The Effects of the Adoption of the New China Accounting Standards on Firms' Information Environment	Xianjie He, Tusheng Xiao, Ye Tian, and Xinyuan Chen
2013-12	Volume 15, Number 4 Industry Competition and Earnings Persistence: Empirical Tests Based on Real Options Theory	Xinyuan Chen, Qinglu Jin, and Tusheng Xiao
2013-12	Volume 15, Number 4 Venture Capital, Property Rights, and Managerial Compensation Contracts	Shuang Xue and Fengshou Tang
2013-12	Volume 15, Number 4 Firm Earnings Persistence over the Business Cycle: Evidence from Listed Companies in China	Qingyuan Li, Hongjian Wang, and Xin Rong
2013-09	Volume 15, Number 3 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
2013-09	Volume 15, Number 3 Political Connections, Analyst Following, and the Informativeness of Insider Trading in China	Qingsheng Zeng and Yaozhong Zhang
2013-06	Volume 15, Number 2 Empirical Research on Accounting Conservatism and Business Financing	Lingling Suo, Kezhi Yang, and Hao Ji
2013-06	Volume 15, Number 2 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
2013-06	Volume 15, Number 2 PORC Audit Firms and IPO Client Quality: An Empirical Study of Rent-Seeking and Reputation-Based Explanations	Jinsong Tan, Xiangting Kong, and Yang Yi
2013-03	Volume 15, Number 1 Does the Media as a Watchdog Affect Auditors' Decisions?	Deming Yang and Min Liu
2013-03	Volume 15, Number 1 Independent Directors with Industrial Expertise, Audit Complexity, and Audit Fee	Ziye Zhao and Jing Zhou
2013-03	Volume 15, Number 1 New Chinese Accounting Standards and the Usefulness of Accounting Information in Debt Contracts	Hongqi Yuan, Yubo Li, Fang Lou, and Yao Zhang
2014-12	Volume 16, Number 4 Vertical Integration and Inventory Management Efficiency	Jun Huang, Shuang Xue, and Yun Hong
2014-12	Volume 16, Number 4 Client Importance: A Measurement Bias and Its Impact	Xi Wu, Tiebing Zeng, and Chunfei Wang
2014-12	Volume 16, Number 4 Do Politically Connected Independent Directors Help Chinese Listed Private Firms Enter High-Barrier Industries?	ingqiang Du, Quan Zeng, and Yingjie Du
2014-09	Volume 16, Number 3 Shareholdings in Financial Institutions, Financing Constraints, and Cash Reserves	Song Zhu, Guanting Chen, and Wencui Du
2014-09	Volume 16, Number 3 Executive Corruption, Contagion Effect, and Investor Protection - Empirical Evidence from the Bai Peizhong Case	Dong Chen, Qiliang Liu, Le Luo, and Yiwei Yao
2014-06	Volume 16, Number 2 Does the Cross-Sectional Equation EPS_t+1 = aP_t + bEPS_t + u_t+1 Differ between China and the US?	James A. Ohlson
2014-06	Volume 16, Number 2 Value Investing: Bridging Theory and Practice	Charles M. C. Lee
2014-06	Volume 16, Number 2 Structural Changes in the Chinese Stock Market: A Review of Empirical Research	Haitian Lu and Jiajia Fu
2014-06	Volume 16, Number 2 A Replication Study of Ball and Brown (1968): Comparative Analysis of China and the US	Wanyu Chen and Wenli Huang
2014-06	Volume 16, Number 2 The Association between Earnings and Returns: A Comparative Study between the Chinese and US Stock Markets	Vincent Y. S. Chen and Yew Kee Ho
2014-06	Volume 16, Number 2 Aggregate Accounting Earnings and Security Returns: China Evidence and the Replication of US Results	Zongxue Du, Feng Tang, and William S. Zhang
2014-06	Volume 16, Number 2 Does Income Smoothing Improve Earnings Informativeness? - A Comparison between the US and China Markets	C. S. Agnes Cheng and Shuo Li
2014-06	Volume 16, Number 2 The Role of Accounting Accruals in Chinese Firms	Pepa Kraft
2014-06	Volume 16, Number 2 Accounting Valuation and Cross-Sectional Stock Returns in China	Woo-Jong Lee and Yu Zhang
2014-06	Volume 16, Number 2 Information Content of Annual Earnings Announcements: A Comparative Study	Yuan Huang and Xiao Li
2014-06	Volume 16, Number 2 Big N Auditors and Earnings Response Coefficients - A Comparison Study between the US and China	Jun Du and Gaoguang Zhou
2014-06	Volume 16, Number 2 Discussion on "Big N Auditors and Earnings Response Coefficients - A Comparison Study between the US and China"	Joanna L. Ho
2014-06	Volume 16, Number 2 The Fama-French Three Factors in the Chinese Stock Market	Jin Xu and Shaojun Zhang
2014-06	Volume 16, Number 2 The Quality of Analysts' Cash Flow Forecasts in China	Jun Yao and Chenxing Meng
2014-03	Volume 16, Number 1 Audit Firm Size, Earnings Management, and Information Asymmetry	Xiaolin Chen, Dongmin Kong, and Yutao Wang
2014-03	Volume 16, Number 1 The Effect of Compensation Committee on CEO Compensation Contracts: Evidence from China	Kun Wang and Xing Xiao
2014-03	Volume 16, Number 1 Analysts’ Recommendation Revisions and Investment Value	Erjia Yang, Lu Li, and Yunsen Chen
2015-12	Volume 17, Number 4 How to Make Finance Scholarship More Creative and Equitable: An Author's Suggestions to Editors and Referees	Avanidhar Subrahmanyam
2015-12	Volume 17, Number 4 Is Forecast Capability Important? Evidence from the Selection of Best Analysts in China	Yi Quan and Shangkun Liang
2015-12	Volume 17, Number 4 Managers' Personal Characteristics, Bank Supervision, and Cost Stickiness	Shangkun Liang, Gang Zhao, and Na Wang
2015-09	Volume 17, Number 3 D&O Insurance and Corporate Investment Efficiency	Xinyuan Chen, Kai Zhu, and Nan Li
2015-09	Volume 17, Number 3 Information Content of Text in Chinese Audit Opinions	Ziye Zhao and Minhua Lin
2015-06	Volume 17, Number 2 Industry Competition Structure, Market Power, and Stock Price Crash Risk	Yu Xin, Xiaolong Gu, and Tianyu Li
2015-06	Volume 17, Number 2 Does Control Privatisation Affect Corporate Tax Aggressiveness?	Liangliang Wang and Yuetang Wang
2015-06	Volume 17, Number 2 Proprietary Costs and the Disclosure of Information about Major Customers: Evidence from Chinese Listed Firms	Song Tang, Kaigang He, and Jie Xu
2015-03	Volume 17, Number 1 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
2015-03	Volume 17, Number 1 Social Network and Trade Credit: Evidence Based on Structural Holes	Yunsen Chen
2015-03	Volume 17, Number 1 Managerial Shareholding, Investment Flexibility, and Equity Valuation	Qingchuan Hou, Qinglu Jin, Peipei Zhang, and Man Zhang
2016-12	Volume 18, Number 4 Corporate Pyramids and Stock Price Crash Risk: Evidence from China	Xiaorong Li, Nianhang Xu, Qiao Liu, and Wei Luo
2016-12	Volume 18, Number 4 The Impact of Fair Value Accounting on Corporate Disclosure	Xinzi Li and Ting Luo
2016-12	Volume 18, Number 4 Deliberate IPO Underpricing or Market Misvaluation? New Evidence from China	J. Ginger Meng, Wei Zhang, and Gaofeng Zou
2016-12	Volume 18, Number 4 Anti-Corruption Policy and Firms' Three Public Consumptions	Shuang Xue, Qian Wang, and Zepeng Zhao
2016-09	Volume 18, Number 3 Public Information, Private Information, and Financial Analysts’ Forecasts	Yutao Wang
2016-09	Volume 18, Number 3 Unexpected Information, Investor Attention, and the Contagion Effect of IPO Withdrawal	Xiongyuan Wang and Jie He
2016-09	Volume 18, Number 3 The Zodiac Calendar and Equity Factor Returns	Janice Phoeng and Laurens Swinkels
2016-09	Volume 18, Number 3 Auditor Group, Inter-group Interaction, and Financial Statement Comparability: Evidence from Audit Firm Mergers in China	Qiang Cao
2016-06	Volume 18, Number 2 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
2016-06	Volume 18, Number 2 Volume-Synchronised Probability of Informed Trading on Chinese Index Futures: A Comparative Approach	Zhongzhi (Lawrence) He, Jinzhi Jiang, Martin Kusy, and Samir Trabelsi
2016-06	Volume 18, Number 2 Family Business Governance: An Economics Interpretation and Research Implications in China	Zengquan Li, Guoliang Zhou, Feng Guan, and Junxia Liu
2016-03	Volume 18, Number 1 Does the Liquidity of Underlying Stocks Affect the Liquidity of Derivatives? Evidence from a Natural Experiment	Gang Li
2016-03	Volume 18, Number 1 Realised Volatility Forecasts for Stock Index Futures Using the HAR Models with Bayesian Approaches	Jiawen Luo and Langnan Chen
2016-03	Volume 18, Number 1 Political Background and Household Entrepreneurship in China	Xiang Zhang, Lunyi Li, and Ziheng Li
2017-09	Volume 19, Number 3 Issuance Examination Committee Connections and IPO Underpricing: Evidence from China	Xingqiang Du and Shaojuan Lai
2017-06	Volume 19, Number 2 The Determinants and Consequences of the Dynamic Compensation Inconsistency of Top Management Teams: Evidence from Chinese Listed Firms	Yue Xu and Yunguo Liu
2017-06	Volume 19, Number 2 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
2017-06	Volume 19, Number 2 Government Stakeholder and CSR Reports: Evidence from China	Wei Yu and Ying Zheng
2017-03	Volume 19, Number 1 Institutional Environment, Deregulation, and Market Reaction to Listed Private Firms	Qingyuan Li, Shu Zeng, Yue Zou, Hongjian Wang, and Ying Hao
2017-03	Volume 19, Number 1 Confucian Culture and Accounting Information Quality	Bo Cheng, Fei Pan, and Yang Xuan
2017-12	Volume 19, Number 4 Insider Trading and Analysts' Earnings Forecast Bias in China: Information Conveying or Catered Forecasting?	Qingsheng Zeng, Cheng Zhang, and Huiyu He
2018-03	Volume 20, Number 1 Corporate Environmental Performance, Accounting Conservatism, and Stock Price Crash Risk: Evidence from China	Xingqiang Du
2018-06	Volume 20, Number 2 The Impact of Short Selling and Margin Trading Regulation on Information Efficiency in China	Saqib Sharif
2018-06	Volume 20, Number 2 Social Connections between Investment Bankers and Issuer Executives, IPO Underpricing and Post-IPO Performance: Evidence from China	Shuwei Sun, Xianjie He, and Xun Hu
2018-09	Volume 20, Number 3 How Does Foreign Sentiment Affect the Chinese Stock Markets? -- Some Empirical Evidence	Xiao Li, Dehua Shen, and Wei Zhang

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
Email: Amy.ym.Kwan@polyu.edu.hk