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China Accounting and Finance Review (CAFR)


Established in 1999 by The Hong Kong Polytechnic University (PolyU) in collaboration with Tsinghua University, China Accounting and Finance Review (CAFR) is the first refereed journal of accounting and finance published in the Greater China Region. For more than 20 years, CAFR has been publishing original articles that have implications for accounting and finance issues in China. All subject areas in accounting and finance, and research methodologies, including empirical, analytical, behavioral, conceptual, or experimental, will be considered.

To attract more high-quality publications, starting from this year CAFR welcomes submissions of research papers and literature review papers with topics related to contemporary accounting and finance issues for all countries or regions outside of China. CAFR also encourages comparability studies (of special interest are replications of prior China or US studies using data from other countries), or applying fundamental analysis of accounting information for capital markets around the world. CAFR now publishes global, rather than just China, topics.

p-ISSN: 1029-807X

e-ISSN: 2307-3055

Issues per year: 4

Read Online:


Consulting Editors

Iftekhar Hasan, Fordham University
Xiaohui Qu, Harbin Institute of Technology (Shenzhen)
Jianming Ye, Xiamen University


Managing Editors

C.S. Agnes Cheng, Hong Kong Polytechnic University
Xuan Tian, Tsinghua University


Senior Track Editors

Accounting Tracks

C.S. Agnes Cheng, Hong Kong Polytechnic University; Bin Ke, National University of Singapore

Fundamental Analysis
James Ohlson, Hong Kong Polytechnic University

Audit and Taxation
Linda Myers, University of Tennessee; Thomas Omer, University of Nebraska–Lincoln

Management Accounting
Anne Wu, National Chengchi University

Finance Tracks

Walid Saffar, Hong Kong Polytechnic University

Asset Pricing
John Wei, Hong Kong Polytechnic University

Corporate Finance
Ji-Chai Lin, Hong Kong Polytechnic University

Entrepreneurial Finance
Xuan Tian, Tsinghua University

Cross-disciplinary Tracks

Belt & Road
Xinpeng Xu, Hong Kong Polytechnic University

Energy and Environment 
Chitru S. Fernando, University of Oklahoma

Fintech and Data Analytics
Kose John, New York University; Hai Lu, University of Toronto

Politics, Law, and Economics
Haitian Lu, Hong Kong Polytechnic University; Karthik Ramanna, University of Oxford; Joshua Ronen, New York University

ESG Investment, CSR, and Business Sustainability
Louis Cheng, Hong Kong Polytechnic University; Albert Tsang, Hong Kong Polytechnic University



Mark Anderson, University of Calgary
Warren B. Bailey, Cornell University
Andy Call, Arizona State University
Thomas J. Chemmanur, Boston College
Rong-Ruey Duh, National Taiwan University
Junxiong Fang, Fudan University
Guojin Gong, Penn State University
Joanna L. Ho, UC Irvine
Marcin Kacperczyk, Imperial College London
Yongtae Kim, Santa Clara University
Charles M.C. Lee, Stanford University
Dan Li, Tsinghua University
Yinghua Li, Arizona State University
Steve Wen-Jen Lin, The University of Memphis
Yupeng Lin, National University of Singapore
Yu-Jane Liu, Peking University
Connie X. Mao, Temple University
Grace Pownall, Emory University
Katherine SchipperDuke University
Wei-Ling Song, Louisiana State University
Avanidhar (Subra) Subrahmanyam, UCLA
Senyo Tse, Texas A&M University
Qinghai Wang, University of Central Florida
M.H. Franco Wong, University of Toronto
Chaopeng Wu, Xiamen University
Qiang Wu, Rensselaer Polytechnic Institute
Anne Wyatt, The University of Queensland
Xing Xiao, Tsinghua University
Nianhang Xu, Renmin University of China
An Yan, Fordham University
Tong Yao, University of Iowa
Kangtao Ye, Renmin University of China
Tianyu Zhang, The Chinese University of Hong Kong
Xiao-Jun Zhang, University of California, Berkeley


Reviewer Board

Neil Bhattacharya, Southern Methodist University
Ervin Black, The University of Oklahoma
Mark A. Chen, Georgia State University
Yenn-Ru Chen, National Chengchi University
Zhan Gao, Lancaster University
Re-Jin Guo, University of Illinois at Chicago
Thomas Hansen, Virginia Commonwealth University
Wen He, Monash University
Michael Hertzel, Arizona State University
Shawn Huang, Arizona State University
Victor Wei Huang, University of Hawaii
Helen Kang, University of New South Wales
Wei Li, The University of Iowa
Qi Liu, Peking University
Ting Luo, Tsinghua University
Per Olsson, ESMT Berlin
Rachna Prakash, University of Mississippi
Buhui Qiu, The University of Sydney
Ghon Rhee, University of Hawaii
Maria Rykaczewski, Arizona State University
Wilson Tong, Hong Kong Polytechnic University
Kun Wang, Tsinghua University
George Yang, Chinese University of Hong Kong
Aaron Yoon, Northwestern University
Yong Yu, University of Texas at Austin
Huai Zhang, Nanyang Technological University
Ning Zhang, Queen's University
X. Frank Zhang, Yale University
Luo Zuo, Cornell University


Manager of Editorial Office

Kenneth Chu, Hong Kong Polytechnic University


Deputy Manager of Editorial Office

Weijia Hu, Hong Kong Polytechnic University


Editorial Associate

Amy Kwan, Hong Kong Polytechnic University

Accounting Tracks


The general accounting track accepts papers that report the (empirical or theoretical) results of accounting research and/or explain the related research methodology. The objective is to promote high-quality research in general accounting areas, such as financial accounting, management accounting, auditing, taxation, corporate governance, accounting information systems (AIS), etc.

Fundamental Analysis

This track solicits papers focusing on the information content of financial statements and how such information can, or ought to be, put to use in financial market settings. Thus, in broad terms, it concerns the risk assessment and valuation of equities and financial obligations. Such topics naturally include concerns about how to identify relevant financial statement information which can be used to forecast firms' performance, such as earnings, sales, expenses, profit margins, cash flows, etc. Thus, financial analysis and forecasting are of great interest, and it extends to include the characteristics of analysts’ forecasts and their role in explaining market values and value changes. Papers that address practical issues, such as how to best exploit the accruals vs. cash flows dichotomy and financial statement ratios when forecasting financial performance, are also part of the subject matter.

Audit and Taxation

This track focuses on the theory and practice of audit and taxation with the goal of promoting present and future advances in knowledge. Research on external and internal auditing, other attestation or assurance services, tax avoidance, tax planning, and related issues will be considered. Submissions can be related to practices in China or in other countries.

Management Accounting

This track aims to explore the managerial decision-making process. Interesting and intellectually rigorous work using archival, case, experimental, field, and survey on managerial decision making (such as plan devising, resource adjustment, performance evaluation and etc.) in corporate strategy, operation, and finance are of particular interest.


Finance Tracks


The general finance track accepts papers that report the (empirical or theoretical) results of finance research and/or explain the related research methodology in different finance areas, such as assets pricing, banking and insurance, dividend policy, capital structure policy, capital markets, corporate social responsibility, financial intermediaries, firm performance, market efficiency, etc.

Asset Pricing

This track studies the applications of asset pricing theories, methodologies, and practices of how different financial assets, such as equities, debt, derivatives, and interest rate instruments, are priced.

Corporate Finance

This track targets for papers about corporate financial problems and decision making, especially related to shareholder value. Topics that include, but not limit to, capital structure, payout policy, debt and equity financing, cost of capital, and corporate restructuring are warmly welcomed.

Entrepreneurial Finance

This track brings together research on entrepreneurial finance undertaken by academics from different disciplines and conducted from various methodological and philosophical standpoints using a variety of research methods. It is a forum for communication between academic researchers, venture capital practitioners and policy-makers that raises the knowledge of different types of entrepreneurial finance (venture capital, private equity, angel investment, crowdfunding, etc.) on a global basis. Its coverage is international, focusing on not only established financial capital markets, such as the USA and the European Union, but also emerging markets.


Cross-disciplinary Tracks

Belt & Road

The Belt & Road Initiative (BRI)—The “Silk Road Economic Belt and the 21st-Century Maritime Silk Road”—was a globalization project initiated by the Chinese Government in 2013. BRI will have far-reaching implications for trade, finance, investment, infrastructure, and logistics for countries along the BRI regions and beyond. This track focuses on original research exploring the impact of, relevant challenges from and responses to BRI.

Energy and Environment 

This track tries to provide a widely accessible yet scholarly source for the latest thinking on energy and environment related issues. Themes of particular interest cover (a) energy and environmental markets, including financialization, securities, and pricing; (b) energy and environmental disclosure, and other accounting issues; (c) energy and environmental taxation issues; (d) energy and environmental corporate finance including valuation, financing, real options, corporate environmental policy, etc.; (e) energy and environmental risk management; (f) financial economics of climate change, including climate derivatives and climate risk management.

Fintech and Data Analytics

This track discusses issues around technology-enabled innovation in financial services (Fintech) and its consequences for the financial system. Fintech is developing rapidly, reshaping certain areas of financial services and weakening the profitability of some financial institutions. Fintech presents both opportunities and risks to the financial system. Papers that aim to understand how the business models of existing financial institutions and the market structure are changing in response to the technology developments are of particular interest.

Politics, Law, and Economics

This track seeks to promote an understanding of many complex phenomena by examining such matters from a combined perspective of law, economics, and politics. It provides a forum for interdisciplinary research at the interface of law, politics, and economics. In this section, we are interested in original scholarships that include the economic analysis of law, the economic analysis of regulation and the behavior of regulated firms, industrial organization and antitrust policy, the political economy of legislation and legislative processes, law and finance, and governance.

ESG Investment, CSR, and Business Sustainability

This track brings together related research on sustainability, driving positive impact on society and the environment. Research papers on the latest sustainability and/or CSR reporting trends as well as their causes and consequences are of particular interest.

CAFR welcomes submissions that fall within the editorial policy of the journal. Submitted articles must be readable, well-organized and in good writing style. 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. The journal is published quarterly in March, June, September, and December of each year.

Submission of Manuscripts


Manuscript(s) should be submitted via email in Word or PDF format to the CAFR editorial office. Email:

Submissions written in English as well as those in Chinese are welcomed. As accepted papers will be published in English, authors are encouraged to present their research in English.


Manuscripts should at least have a spacing of 1.5 lines, with a font size of 11 points and 2.5cm margins all around. All pages should be numbered consecutively. Titles and subtitles should keep short and be meaningful and precise. References, tables, legends for figures, and illustrations should appear after the main text in the above order and should begin on separate pages.

There is no page limit for the manuscript on the initial (first-round) submission. However, as common practice, manuscripts should be written clearly with a directed purpose. Manuscripts with excessive length and an ambiguous research topic may be rejected. An online appendix will not be counted toward the page limit.


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.


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.


Footnotes are allowed but must be numbered with superscript Arabic numerals in a sequential manner. Too lengthy footnotes should be avoided. Acknowledgements and information on grants received can be given in a first un-numbered footnote.


Displayed formulae should be numbered consecutively in the text as (1), (2), etc. against the right-hand margin of the page.


Tables should be numbered consecutively in the text in Arabic numerals.


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


If necessary, page proofs will be sent to the corresponding author for proofreading. The responsibility for detecting errors lies with the author. Corrections should be restricted to instances in which the proof is at variance with the manuscript. Extensive alterations should be avoided.

Refereeing Process

Authors should indicate clearly which track in CAFR their manuscript is being submitted to. Authors can also indicate “General” track in case they cannot find a track suitable for their manuscript, and may suggest a Senior Track Editor (STE) to handle their manuscript. Authors are also welcome to suggest reviewers. The STE will first screen the submitted manuscript for whether its theme fits for the journal and/or the manuscript has sufficient potential for further review by referees. When the manuscript is decided for further review, the STE will then assign a suitable editor to handle the review process including assigning referees (editor may also serve as one referee) and providing recommendation to the STE for whether the manuscript should be accepted as is, revised, or rejected. CAFR adopts a policy of “immediate acceptance decision”; the STE may make a decision that the manuscript will be eventually accepted for publication when first submitted. The STE will help the authors to improve quality of their manuscript throughout the review process.

CAFR conducts double-blinded reviews, meaning that identities of the reviewers and authors are concealed from each other to make sure that the review process is anonymous. The text contents of manuscripts must not contain explicit indications of the authors’ names and institutional affiliations and any acknowledgments. The authors should avoid or try to minimize self-citations; if the authors consider that citing their own work is necessary, they should make sure that they have referred to their own work in the third person. For example, “We have previously demonstrated (Smith and Black, 2007)” should be rewritten as “Smith and Black (2007) have demonstrated”. Proper attribution of prior work, especially work done by the authors, is a must and takes precedence over maintaining anonymity.

Upon receipt of the review recommendation from the editor, STE or editor will notice the authors whether the paper should be accepted as is, revised, or rejected. After the manuscript is received by the Editorial Office, authors will receive the notification e-mail from the CAFR Editorial Office within 6 weeks on average regarding the acceptance decision and referee reports.

A “revise” decision means that authors can revise and resubmit their manuscript within 1 year; otherwise it is considered “withdrawn” by the authors. A revised manuscript submitted after 1 year will be treated as a new submission. Authors resubmit a revised manuscript must submit a summary document that mentions the changes that they have made and the response to each of the comments from the previous round of reviews.

CAFR does not allow resubmission of a rejected manuscript, except that the STE makes an exception and explicitly invites a resubmission. The authors should disclose this information during the submission process and state clearly in the submission cover letter why resubmission is justified.

Open Access

CAFR is an open access journal. All articles published open access will be immediately and permanently free for everyone to read, download, copy and distribute. Permitted reuse is defined by the terms under the Creative Commons Attribution License, which permits any use, distribution, and reproduction in any medium, provided the original author(s) and the source are credited. Authors will retain the copyright alongside scholarly usage rights and CAFR will be granted publishing and distribution rights.

Please direct all enquiries to CAFR Editorial Office. Email:

Date Contents
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, Hongqi Yuan
2006-12 Volume 8, Number 4
Client Importance and Audit Quality: Evidence from Chinese Listed Companies
Qiliang Liu, Hanwen Chen, 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, 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, Yiqiang Fang
2006-06 Volume 8, Number 2
Empirical Study on the Stock-Holding Preferences of Chinese Fund Managers
Lei Gao, Shaohua He, 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, 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, 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, Jing Yang
2006-03 Volume 8, Number 1
Corporate Governance, Ownership of the Largest Shareholder, and Firm Performance
Xiaodong Xu, 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, Dongmin Kong
2007-12 Volume 9, Number 4
The Debt Contracting Explanation for Accounting Conservatism: An Empirical Study on Chinese Listed Companies
Minghai Wei, Xiaohui Tao
2007-09 Volume 9, Number 3
The Valuation Effects of Diversification: Evidence from China-listed Companies
Jun Huang, Zengquan Li, Hanrong Zhang
2007-09 Volume 9, Number 3
Does Auditor Size Change Investors' Perceptions of Audit Quality?
Haiping Zhou, Changjiang Lu
2007-06 Volume 9, Number 2
Independent Directors, Audit Committees, and Audit Opinions – Evidence from the Chinese Securities Market
Xiaolin Chen, 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, Yunkui Xue
2007-06 Volume 9, Number 2
A Review of Empirical Research on Management Accounting
Fei Pan, Yue Wang, 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, 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, Junqiu Wang
2007-03 Volume 9, Number 1
Earnings Management, Corporate Governance, and State-Owned Enterprise Reform in China
Yunkui Xue, Min Cheng
2008-12 Volume 10, Number 4
Cash Holdings, Ownership Structure, and the Value of Cash Holdings
Yanchao Wang, Bin Lin, Deming Yang
2008-12 Volume 10, Number 4
An Empirical Study of the Relationship between Total Quality Management and Organisational Performance
Donghua Wen, 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, 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, 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, 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, Zheng Sun
2008-03 Volume 10, Number 1
The Corporate Life Cycle, Accrual Characteristics and Accounting Conservatism
Xudong Chen, 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, 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, Jun Yao
2009-12 Volume 11, Number 4
Short Selling, Floating Constraints, and Cross-Listed Stock Prices
Steven S. Y. Wang, 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, Yunsen Chen
2009-06 Volume 11, Number 2
A New Angle on Financial Manipulation: Motivations for and Methods of Cash Flow Manipulation
Shuang Xue, Feiteng Ye
2009-06 Volume 11, Number 2
Analysis of Institutional Investors' Role in Information Flow
Haiyan Zhang, Jian Xue, Ting Luo
2009-03 Volume 11, Number 1
Accounting Standards, Audit Charges, and Opinion Shopping
Yan Yan, Weiguo Zhang
2009-03 Volume 11, Number 1
Audit Regulation, Modified Audit Opinions, and Auditor Conservatism
Qingquan Xin, 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, 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, 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, Liyong Yu
2010-09 Volume 12, Number 3
The Financial Expertise of Independent Directors, Firm-Specific Information, and Earnings Conservatism
Xiaolin Chen, Xin Lin, 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, 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, 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, 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, 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, Yu Gao
2010-03 Volume 12, Number 1
Stock Splits and Insider Trading
Tak Yan Leung, Oliver Meng Rui, 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, Tianshu Zhang
2011-12 Volume 13, Number 4
Cash Dividends, Taxation Costs, and the Regulation Paradox
Kai Zhu, Gang Sun, Qian Jia
2011-12 Volume 13, Number 4
Audit Fee Determination in Singapore: A Comprehensive Analysis
Qin Cao, Qian Sun, 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, 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, Qifen Zhu
2011-09 Volume 13, Number 3
Local Audit Firm Mergers and Discretionary Accruals of Clients in China
Junsheng Zhang, 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, 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, Quan Chen
2011-06 Volume 13, Number 2
Investor Attention and the Accrual Anomaly
Xiaohan Li, Ming Zhang
2011-03 Volume 13, Number 1
New-Listing Bias and Long-Term Underperformance of IPOs
Jianjun Niu, 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, 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, Xinyuan Chen
2012-12 Volume 14, Number 4
Financial Restatement, Information Risk, and Market Perception: Evidence from Auditors
Qiang Cao, Hanwen Chen, Liangcheng Wang
2012-12 Volume 14, Number 4
Conservative Accounting, Growth Opportunity, and Cash Dividend Overpayment
Song Zhu, 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, Xinyuan Chen
2012-09 Volume 14, Number 3
Heterogeneity of Institutional Investors and Firm Performance
Xiancong Wu, 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, 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, Chi Fu
2012-06 Volume 14, Number 2
Ownership Structure and Corporate Operating Risk
Liping Xu, Yu Xin
2012-06 Volume 14, Number 2
Capital Investment Efficiency and Accounting Information Quality
Zhi Jin, Xue Yang
2012-06 Volume 14, Number 2
Regulator Change and Enforcement Severity
Donghua Chen, Dequan Jiang, 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, Lin Peng
2012-03 Volume 14, Number 1
Media Coverage, Conservative Accounting, and Market Reaction
Song Zhu, Hawfeng Shyu, 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, Xinyuan Chen
2013-12 Volume 15, Number 4
Industry Competition and Earnings Persistence: Empirical Tests Based on Real Options Theory
Xinyuan Chen, Qinglu Jin, Tusheng Xiao
2013-12 Volume 15, Number 4
Venture Capital, Property Rights, and Managerial Compensation Contracts
Shuang Xue, 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, 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, Fenfen Liu
2013-09 Volume 15, Number 3
Political Connections, Analyst Following, and the Informativeness of Insider Trading in China
Qingsheng Zeng, Yaozhong Zhang
2013-06 Volume 15, Number 2
Empirical Research on Accounting Conservatism and Business Financing
Lingling Suo, Kezhi Yang, 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, 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, Yang Yi
2013-03 Volume 15, Number 1
Does the Media as a Watchdog Affect Auditors' Decisions?
Deming Yang, Min Liu
2013-03 Volume 15, Number 1
Independent Directors with Industrial Expertise, Audit Complexity, and Audit Fee
Ziye Zhao, 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, Yao Zhang
2014-12 Volume 16, Number 4
Vertical Integration and Inventory Management Efficiency
Jun Huang, Shuang Xue, Yun Hong
2014-12 Volume 16, Number 4
Client Importance: A Measurement Bias and Its Impact
Xi Wu, Tiebing Zeng, Chunfei Wang
2014-12 Volume 16, Number 4
Do Politically Connected Independent Directors Help Chinese Listed Private Firms Enter High-Barrier Industries?
Xingqiang Du, Quan Zeng, Yingjie Du
2014-09 Volume 16, Number 3
Shareholdings in Financial Institutions, Financing Constraints, and Cash Reserves
Song Zhu, Guanting Chen, 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, Yiwei Yao
2014-06 Volume 16, Number 2
Does the Cross-Sectional Equation EPSt+1 = a*Pt + b*EPSt + ut+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, 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, 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, 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, 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, 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, Yu Zhang
2014-06 Volume 16, Number 2
Information Content of Annual Earnings Announcements: A Comparative Study
Yuan Huang, 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, 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, Shaojun Zhang
2014-06 Volume 16, Number 2
The Quality of Analysts' Cash Flow Forecasts in China
Jun Yao, Chenxing Meng
2014-03 Volume 16, Number 1
Audit Firm Size, Earnings Management, and Information Asymmetry
Xiaolin Chen, Dongmin Kong, Yutao Wang
2014-03 Volume 16, Number 1
The Effect of Compensation Committee on CEO Compensation Contracts: Evidence from China
Kun Wang, Xing Xiao
2014-03 Volume 16, Number 1
Analysts’ Recommendation Revisions and Investment Value
Erjia Yang, Lu Li, 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, Shangkun Liang
2015-12 Volume 17, Number 4
Managers' Personal Characteristics, Bank Supervision, and Cost Stickiness
Shangkun Liang, Gang Zhao, Na Wang
2015-09 Volume 17, Number 3
D&O Insurance and Corporate Investment Efficiency
Xinyuan Chen, Kai Zhu, Nan Li
2015-09 Volume 17, Number 3
Information Content of Text in Chinese Audit Opinions
Ziye Zhao, Minhua Lin
2015-06 Volume 17, Number 2
Industry Competition Structure, Market Power, and Stock Price Crash Risk
Yu Xin, Xiaolong Gu, Tianyu Li
2015-06 Volume 17, Number 2
Does Control Privatisation Affect Corporate Tax Aggressiveness?
Liangliang Wang, 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, 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, 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, Man Zhang
2016-12 Volume 18, Number 4
Corporate Pyramids and Stock Price Crash Risk: Evidence from China
Xiaorong Li, Nianhang Xu, Qiao Liu, Wei Luo
2016-12 Volume 18, Number 4
The Impact of Fair Value Accounting on Corporate Disclosure
Xinzi Li, Ting Luo
2016-12 Volume 18, Number 4
Deliberate IPO Underpricing or Market Misvaluation? New Evidence from China
J. Ginger Meng, Wei Zhang, Gaofeng Zou
2016-12 Volume 18, Number 4
Anti-Corruption Policy and Firms' Three Public Consumptions
Shuang Xue, Qian Wang, 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, Jie He
2016-09 Volume 18, Number 3
The Zodiac Calendar and Equity Factor Returns
Janice Phoeng, 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, 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, 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, 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, Langnan Chen
2016-03 Volume 18, Number 1
Political Background and Household Entrepreneurship in China
Xiang Zhang, Lunyi Li, Ziheng Li
2017-09 Volume 19, Number 3
Issuance Examination Committee Connections and IPO Underpricing: Evidence from China
Xingqiang Du, 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, 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, Junqin Sun
2017-06 Volume 19, Number 2
Government Stakeholder and CSR Reports: Evidence from China
Wei Yu, 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, Ying Hao
2017-03 Volume 19, Number 1
Confucian Culture and Accounting Information Quality
Bo Cheng, Fei Pan, 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, 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, Xun Hu
2018-09 Volume 20, Number 3
How Does Foreign Sentiment Affect the Chinese Stock Markets? -- Some Empirical Evidence
Xiao Li, Dehua Shen, Wei Zhang
2018-12 Volume 20, Number 4
Does Analyst Coverage Reduce Environmental Information Opaqueness? Evidence from China
Zhiping Nie, Quan Zeng, XingQiang Du
2019-03 Volume 21, Number 1
Religion and the Demand for Audit Service: Evidence from China
Ning Hu, Shuang Xue, Yiquan Chu
2019-06 Volume 21, Number 2
The Profitability and Investment Factors in the Chinese Stock Market
Fangfang Hou, Shaojun Zhang
2019-09 Volume 21, Number 3
CFO Status and Stock Return Synchronicity
Dequan Jiang, Donghua Chen
2019-12 Volume 21, Number 4
Liquidity and Stock Returns: Evidence from the Chinese Stock Market
Keith S. K. Lam, Lewis H. K. Tam, Liang Dong
2019-12 Volume 21, Number 4
Minimum Wages and Labour Cost Stickiness: Evidence from China
Song Tang, Yiwei Yao, Zhiwei Ye
2019-12 Volume 21, Number 4
Audit Pricing for Privatised SOEs: Evidence from China
Qiao Zheng, Yangyang Fan, C. S. Agnes Cheng, Yunguo Liu
2019-12 Volume 21, Number 4
郑巧, 范杨杨, 郑振兴, 刘运国
2019-12 Volume 21, Number 4
Are Managers Punished for Crash Risk? Evidence from China
Jian Chu, Junxiong Fang, Jeong-Bon Kim, Yi Zhou
2019-12 Volume 21, Number 4
Managerial Ability and Value Relevance of Earnings
Bill Francis, Iftekhar Hasan, Ibrahim Siraj, Qiang Wu
2020-03 Volume 22, Number 1
Progress of and Obstacles to IFRS Implementation in an Emerging Economy: Auditors’ Perspective
Min Cai, Theodore T. Y. Chen, Gaoguang Zhou
2020-03 Volume 22, Number 1
Why don’t Analysts use their Earnings Forecasts in Generating Stock Recommendations?
Bin Ke, Yong Yu
2020-03 Volume 22, Number 1
Why Does Corporate Innovation Decline after Stock Splits?
Di Kang, Mark Liu, Ghon Rhee
2020-03 Volume 22, Number 1
Government Regulation, Executive Compensation, and Risk-Premium-Related Derivatives Usage: Evidence from China
Lingsha Cheng, Joanna L.Y. Ho, Ruijun Zhang
2020-06 Volume 22, Number 2
Through the Grapevine: The Effect of CEO Network Centrality on Financial Reporting Quality
Henry He Huang, Chong Wang

January 2, 2021
CAFR Environmental, Social and Governance (ESG) Workshop
(Special Event in 2021 ASSA Annual Meeting)
Chicago, U.S.A.

CAFR Management Accounting Workshop
(Details: TBC)

December 14, 2020
CAFR Fundamental Analysis Symposium
Helsinki, Finland

September 24-27, 2020
CAFR Annual Conference (Theme: Taxation)
Xiamen University, Xiamen, China

January 2, 2020
CAFR Research Workshop (Theme: Global Development in Fintech and Its Implications to Accounting, Finance, and Law Research) (Preliminary Program)
San Diego, U.S.A.

September 20-21, 2019
CAFR Knowledge Transfer Forum (photos, video)
Dongguan & Hong Kong, China

July 3-5, 2019
2019 Summer Research Boot Camp on Financial Intermediation and Markets
Tsinghua University, Beijing, China

November 30, 2016
China Accounting and Finance Review (CAFR) 2016 Conference

May 15, 2015
The Joint China Accounting and Finance Review (CAFR) and Journal of Accounting, Auditing and Finance (JAAF) Conference