) ⋄ Hou, Xue, and Zhang (2015) Motivation Explaining Value Data Results Conclusions Why Does It Work? • A risk premium where investors are compensated for taking on systematic risk (Fama and French, 1993

advantage of textual analysis and machine learning (Allee and DeAngelis, 2015; Antweiler and Frank, 2004; Bodnaruk, Loughran, and McDonald, 2015; Chen, Hu, and Hwang, 2014; Davis, Ge, Matsumoto, and Zhang

; Aerts & Zhang, 2014) 5 Patterns of Earnings Management • Income minimization/ Taking a big bath - during periods of high profitability - during the crisis (Kousenidis et al. , 2013) - to avoid political

Economics, 98(1), 85–106. https://doi.org/10.2307/1885568 Bloom. (2009). The impact of uncertainty shocks. Econometrica, 77(3), 623–685. Brogaard, J., Dai, L., Ngo, P. T., & Zhang, B. (2020). Global political

Investment Co., Ltd. 6. Yu Long 7. Hu Shake 8. Hiang Yunjian 9. Tang Fang 10. Hong Fang 11. Huang Yi 12. Luo Yuxuan 13. Zhang Ruliang 14. Li Bo 15. Zhao Peng 16. Ma Dongjun 17. Song Chunxia 18. Li Junfeng 19

( Limited Partnership ) 5. Sichuan Rongchen Investment Co.,Ltd. 6. Yu Long 7. Hu Shake 8. Hiang Yunjian 9. Tang Fang 10. Hong Fang 11. Huang Yi 12. Luo Yuxuan 13. Zhang Ruliang 14. Li Bo 15. Zhao Peng 16. Ma

team by appointing Miss Luo, Chia-Chu to be the Vice Director of Finance and Account to replace Mr. Zhang, Mingcha the Assistant Vice President of Finance and Account who has resigned due to personal

evidence regarding which types of funds perform better. For example, Yan and Zhang (2007) find outperformance among U.S. stocks traded by short-term funds, while Lan et al. (2018) find outperformance for U.S

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