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Best paper award announcement

We are pleased to announce that the first China Journal of Accounting Studies annual best paper award goes to State-owned bank loan and stock price synchronicity, by Professors Yanyan Wang and Lisheng Yu of Xiamen University, China. The paper appeared in Volume 1, Number 2 of China Journal of Accounting Studies, pp. 91–113. In this paper, the authors find that, due to soft budget constraints, there is a positive association between stock-price synchronicity and state-owned bank loans and this association is significantly stronger in state-owned enterprises (SOEs) than in nonSOEs. The study is the first to examine the informational effect of state-owned bank loans.