We conducted a global study of the long-term issuer ratings of nonfinancial firms from Standard and Poor's Ratings Services (S&P) for the period 1998-2003. Specifically, we focused on the solicited versus unsolicited ratings and sample-selection bias in the analysis. Unlike the literature, we...

We examine the impact of earnings management uncertainty (EMU) on bond yield spreads in China. In the process, we decompose the bond yield spread into liquidity and default yield spreads. The findings suggest that EMU primarily drives the default yield spread of a corporate bond and that its...

We examine the impact of institutional investor cross holding (IICH) on the cost of equity. The findings suggest that IICH firms have a lower cost of equity than non-IICH firms. We find that it is mainly IICH firms in the same industry that successfully reduce their cost of equity. Additional...

This paper examines the impact of firms' digital transformation on management earnings forecasts with a sample of Chinese firms. Using a deep learning model and textual analysis, we create a proxy for digital transformation based on the frequency of keywords related to digitization in firms'...

We examine the impact of managerial sentiment on analysts' following decisions and earnings forecast accuracy. By analyzing the textual tone of management discussion and analysis sections in annual reports to capture managerial sentiment, we find that when managerial sentiment is more positive,...

We use a difference-in-difference research design to examine the effect of an exogenous shock to a firm's R&D investment from Chinese regulations regarding technology exports revised in 2008. We document that these technology export restrictions (TERs) decrease a firm's R&D investment....

The purpose of this study was to explore what types of digital content cultural institutions implemented during COVID-19 temporary closures and their effects on social media engagement. Existing research identified the role of digital content and social media in cultural institutions, but only...