Qinghai Wang

TL;DR: In this article, the authors argue that price formation in equity markets has a significant geographic component linked to the trading patterns of local residents, and that the local comovement of stock returns is not explained by economic fundamentals and is stronger for smaller firms with more individual investors and in regions with less financially sophisticated residents.

TL;DR: In this article, the authors argue that price formation in equity markets has a significant geographic component linked to the trading patterns of local residents, and that the local comovement of stock returns is not explained by economic fundamentals and is stronger for smaller firms with more individual investors and in regions with less financially sophisticated residents.

TL;DR: This paper analyzed the US equity holdings of more than 3000 non-US-based mutual funds from 22 countries and found robust evidence that fund managers strongly prefer to invest in stocks of US firms that have presence in their home country.

TL;DR: Turn-of-the-year trading patterns of institutions reflect strategies generally consistent with window-dressing and risk-shifting behaviors as mentioned in this paper, which can be used to link institutional trading behavior directly to anomalous turn-ofthe-year return patterns of small stocks.

TL;DR: In this paper, the authors investigate whether product market competition acts as an external mechanism for disciplining management and also whether there is any relationship between the degree of competition a firm faces and its corporate governance.