Financial constraints and stock returns: Evidence from stock market in China

@article{Zhixiong2012FinancialCA,
  title={Financial constraints and stock returns: Evidence from stock market in China},
  author={Ling Zhi-xiong and Chen Si-yu},
  journal={2012 International Conference on Management Science & Engineering 19th Annual Conference Proceedings},
  year={2012},
  pages={1422-1428}
}
Can financial constraints affect stock return? And can financial constraints be a factor for asset pricing in China? There are many empirical results show that financial constraints have an implication of asset pricing from American market. This paper mainly studies the effect of financial constraints in China stock market. Similar to index of KZ, which measure the financial constraints and was constructed by Kaplan and Zingales, we also construct a LFC index using Chinese data to measure… CONTINUE READING
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