The 2012 tax reform in China linked the dividend tax rate to investors’ share holding period, with a lower rate corresponding to longer holding. Using account-level data for which we know exactly the timing, size, directions, and prices of retail investors’ trades, we document that the...

We examine the association between network centrality and research using the accounting research community setting. We establish co-authorship network using papers published in the five top accounting journals from 1980 to 2016. We find that the co-authorship network in accounting is a "small...

Using data on foreign institutional investors’ China equity holdings, we show that U.S. institutional investors avoid investing in China’s defense industries when American public’s attention to China-U.S. tension and ideological differences is high, especially during the Trump...

We investigate how marginal corporate tax rate affects corporate policy changes in response to a regulatory credit crunch. With a surge in debt due to a fiscal stimulus after 2008, the Chinese government rolled out the “deleveraging” program in 2015 which, through tightening monetary...

We examine the effectiveness of China's IFRS adoption from the perspective of an important set of financial report users, foreign institutional investors. We find that foreign institutional investment does not increase after China's IFRS adoption, and some evidence that it actually declines,...

Workplace equality is an important and integral component of firms’ corporate social responsibility. We argue that firms need to expend substantial resources to mitigate potential LGBT litigation risk or accommodate actual litigation costs, and absorb labor adjustment costs associated with...

We investigate tax incidence reflected in the pricing of syndicated loans and argue that loan spread increases in bank income taxes of borrowers’ home states. We compare borrowers in states with differing bank tax rates and demonstrate the presence of tax incidence on borrowers with causality...