Alan Guoming Huang
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View article: Language and Domain Specificity: A Chinese Financial Sentiment Dictionary
Language and Domain Specificity: A Chinese Financial Sentiment Dictionary Open
We use Word2vec to develop a financial sentiment dictionary from 3.1 million Chinese-language financial news articles. Our dictionary maps semantically similar words to a subset of human-expert generated financial sentiment words. In valid…
View article: Role of Institutional Investors: Evidence from the Foreign Rule-144A Debt Market
Role of Institutional Investors: Evidence from the Foreign Rule-144A Debt Market Open
We examine the unique role played by institutional investors in the private corporate debt market for Rule 144A debt. We use the recent global financial crisis as a quasi-natural experiment to study how qualified institutional buyers (QIBs…
View article: The Effects of Analyst‐Country Institutions on Biased Research: Evidence from Target Prices
The Effects of Analyst‐Country Institutions on Biased Research: Evidence from Target Prices Open
Prior research demonstrates that a strong institutional infrastructure in a country moderates self‐serving behavior of market participants. Cross‐country economic activities have increased significantly, presenting a research opportunity t…
View article: Information and Liquidity of OTC Securities: Evidence from Public Registration of Rule 144A Bonds
Information and Liquidity of OTC Securities: Evidence from Public Registration of Rule 144A Bonds Open
The Rule 144A private debt represents a significant and growing segment of the U.S. bond market. This paper examines the market liquidity effects of enhanced information disclosure induced by the public registration of 144A bonds. Using th…
View article: The Return Premiums to Accruals Quality
The Return Premiums to Accruals Quality Open
Using a battery of look-ahead-bias free measures of accruals quality (AQ), we find a strong and long lasting negative relation between future returns and AQ. In decile portfolios that rank on AQ, a hedge portfolio that goes long in the low…