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This study aims to determine whether the stock holdings of equity mutual funds are informative for predicting future stock performance in the Chinese market. It is a puzzle that actively managed mutual funds underperform passive benchmarks, whereas retail investors still delegate investment decisions to the fund managers. The present study sheds light on whether mutual fund managers possess security selection skills in their top ten holdings.

By regression analysis and portfolio sorting, this study focuses on 830 Chinese A-share stocks in the industry research reports from the Guotai Junan Securities Company. It collects mutual fund's top ten holdings data from the Wind Financial Terminal between 2019Q1 and 2021Q1. As robustness checks, the result holds for the fixed-effect model, an additional measure of ranks in the top ten holdings, the predictability test based on the confusion matrix and two stage least square (2SLS) regression.

The authors find that the top ten holdings by equity mutual funds are informative for predicting stock performance and can provide valuable information for investors to support their decision-making.

The findings of this study provide insightful guidance for retail investors in making investment decisions and support the hypothesis that active fund management adds value.

Firstly, the authors find that the top ten holdings of Chinese mutual funds show significantly positive signals for future stock excess returns, indicating the selection skills of fund managers. Secondly, the above positive relationship exhibits a diminishing marginal effect with more funds holding this stock. Thirdly, the authors find that the predictability horizon of the number of overweighing funds is up to three quarters and then diminishes in the fourth quarter. Finally, investors have a 59% prediction accuracy for the whole stock sample and an 85% precision conditional on the predicted positive subsample to outperform the market. The authors also address the endogeneity and reverse causality issues.

The purpose of this paper is to investigate the effects of network strength, transaction‐specific investments and inter‐personal trust on business relationship satisfaction for small‐and‐medium‐sized enterprises (SMEs) involved in agri‐food processing and exporting in China.

Survey data collected from 80 agri‐food SMEs in Jiangsu Province were used for empirical testing. The authors applied an ordered logit regression approach for model estimation.

The results demonstrate that strong guanxi networks, high level of transaction‐specific investments and inter‐personal trust significantly contribute to a high level of relationship satisfaction for agri‐food SMEs in China. In addition, inter‐personal trust shows a moderating effect on the relationship between transaction‐specific investments and relationship satisfaction.

Business relationships play a critical role in the modern market environment. Relational arrangements (based on guanxi and inter‐personal trust) should be further enhanced in order to yield satisfied business relationships for SMEs in China.

The paper extends our understanding of relationship (guanxi) marketing, as well as marketing practices for agri‐food SMEs in China.

The purpose of this paper is to examine the factors that lead to the controversy within the existing empirical literature on the relationship between land tenure and agricultural investments in China.

This study conducts a meta-regression analysis (MRA) based on 265 samples from 29 selected studies. These studies are collected from different regions and populations; therefore, this study utilizes a random-effects meta-regression model to control between-study heterogeneity.

The empirical results show that the variable “land-related long-term investments” significantly affects the relationship between land tenure and agricultural investments. The variables: “ration land,” “land titling” and “land transfer rights” all have significant effects on this relationship, but at different levels. The study area (e.g. “western China,” “central/inland China,” “two regions contained”), “plot level,” “panel data,” “sample size,” “considered endogeneity” and “off-farm employment” variables all significantly influence the relationship. Additionally, the results show that the relationship is significantly affected by the survey time.

Policymakers should treat the existing research conclusions with caution and pay more attention to defining land tenure. The relationship between land tenure and agricultural investments also depends on regional resource availability. Therefore, land property rights policies should be region-specific in order to successfully encourage agricultural investments.

In this study, the author collectively examines existing empirical studies to investigate whether their inconsistent results are affected by research characteristics. To the author’s knowledge, this is the first study that analyzes land tenure and agricultural investments in China using MRA. Future research should refine the definition of land tenure, the selection of agricultural investment types, the research method and the method of data collection.