As the pressure of supply-demand balance increases with the high penetration of renewable energy resources, it is widely accepted that demand side resources including air conditioners (ACs) play an important role in providing ancillary services to the grid. In this paper, air conditioning loads...

As financial derivatives have exploded like bombs, one after another, capital injections by the U.S. and European governments are becoming gradually ineffective. These rescue measures will fail to reverse the banking crisis, and even worse, may plunge the global economy from deflation into a...

As the pressure of supply-demand balance increases with the high penetration of renewable energy resources, it is widely accepted that demand side resources including air conditioners (ACs) play an important role in providing ancillary services to the grid. In this paper, air conditioning loads...

China's tax system is characterized by the co-existence of formal taxes, sundry levies and hidden taxes. In China, multiple authorities with tax law making powers and tax administration powers exist. This leads to issues of tax jurisdiction and tax compliance such as differential treatment...

The reason for extending the Value Added Tax (VAT) to the services sector in China is not sufficiently powerful. Just looking at the services sector, substituting the sales tax with a VAT gives rise to many difficulties in terms of system design and implementation, and the possible problems may...

Currently the labour income ratio in China is normal relative to its economic development; the income differential between industries requires solutions from the continuing establishment of a market economic system and the reduction of monopolistic practices. The important income redistribution...

This paper studies whether government-dependent firms are more resilient to foreign competition. Using the United States’ granting of Permanent Normal Trade Relations to China as an exogenous shock, we show that government contractors have better operating performance when their industries are...

This paper studies the relationship between a firm's pre-IPO trademarks and its IPO underpricing. Using 4,321 US IPOs during the period 1980-2016, we find that firms with a larger number of trademarks prior to the IPO date experience significantly less IPO underpricing. We employ a quasi-natural...

Using the passage of the Federal Trademark Dilution Act (FTDA) as an exogenous shock to trademark protection, we find that stronger trademark protection induces firms to increase their CEO risk-taking incentives as measured by CEO portfolio vega. The effect is greater for firms facing more...

This paper examines the relationship between competition and product development innovation using the U.S. trademark database. We find that greater import competition spurs corporate product innovation measured by newly launched trademarks. However, such increase in foreign competition is...