The Paper Co-authored by Franklin Allen, Jun Qian, Lei Zhu, et. al. is Recognized as a “Top Cited Article for 2024” in The Journal of Finance | Academic

Release time：2026-04-07    

Recently, the paper titled Dissecting the Long-Term Performance of the Chinese Stock Market, co-authored by Franklin Allen, Co-chair of FISF International Advisory Committee and Chair Professor of Imperial College London Business School; Jun Qian, Executive Dean of FISF and Professor in Finance; Chenyu Shan, Professor in Finance at Shanghai University of Finance and Economics; and Lei Zhu, Professor in Accounting at FISF, was recognized as a “Top Cited Article for 2024” in The Journal of Finance, a top-tier journal in international finance.

According to the official website of The Journal of Finance, the paper has been cited 98 times to date, ranking third among all papers published in 2024 (across six issues).

Franklin Allen

Co-chair of FISF International Advisory Committee

Chair Professor of Imperial College London Business School

Jun Qian

Executive Dean of FISF

Professor in Finance

Lei Zhu

Professor in Accounting at FISF

ABSTRACT

Domestically listed Chinese (A-share) firms have lower stock returns than externally listed Chinese, developed, and emerging country firms during 2000 to 2018. They also have lower net cash flows than matched unlisted Chinese firms. The underperformance of both stock and accounting returns is more pronounced for large A-share firms, while small firms show no underperformance along either dimension. Investor sentiment explains low stock returns in the cross-country and within-A-share samples. Institutional deficiencies in listing and delisting processes and weak corporate governance in terms of shareholder value creation are consistent with the underperformance in stock returns and net cash flows.

Journal Introduction

The Journal of Finance is the official publication of the American Finance Association, a premier academic organization dedicated to the study and knowledge promotion of financial economics. The multidisciplinary journal publishes leading research across all the major fields of finance, reaching over 8,000 academics, finance professionals, libraries, governments and financial institutions around the world.