This paper explores the role that a change in a family firm’s time horizon might play in professionalizing its kinship-based top management team. We introduce a model of management transfer in family firms, in which firm owners decide between hiring their children or non-family professionals,...

Competition is the catalyst of corporate innovation, which is the foundation of a country's core competitiveness. From the view of vertical industrial chain, this paper examines how downstream competition affects upstream firms' innovation output. Given innovation helps reduce the production...

This paper explores how perceptional changes in exposure to air pollution impact the values of real assets in a housing market. Given a revised air pollution standard due to an environmental policy shock in South Korea, the existing indicators show air quality generally gets lower than before,...

This study investigates whether and how FinTech influences intermediation and stability of banks with a focus on the competition between FinTech companies and banks in the deposit market. Using proprietary data from a leading Chinese FinTech company, we study a money market fund with...

This study investigates whether and how FinTech influences retail banking and the effectiveness of monetary policy transmission, with a focus on the competition between FinTech companies and banks in the deposit market. Using proprietary data from a leading Chinese FinTech company, we study a...

Consumers are facing a trade-off between the benefits of an increase in the length of the shelf life of food, such as low food costs, and the potential health damages caused by food preservatives. However, few studies in the current literature place emphasis on food preservatives, neither from a...

Whether and how the design and enforcement of laws exerts a profound influence on innovation activities has been the central subject of study in a wide spectrum of disciplines. This paper examines the role of the social insurance law in driving corporate innovation. We consider a simple model...

Considering the reform of online voting rules in China and by using the data of firms listed on the Shenzhen Stock Exchange from 2011 to 2017, this paper aimed to explore the effect on firms’ investment efficiency from weak stakeholders' participation in governance. The results also indicate...

Consumers are facing a trade-off between the benefits of an increase in the length of the shelf life of food, such as low food costs, and the potential health damages caused by food preservatives. However, few studies in the current literature place emphasis on food preservatives, neither from a...

This paper examines the determinants of allocation of decision rights between the parent company and its subsidiaries, and the economic consequence of suboptimal power structure. Based on China's unique double-disclosure for the parent company and the whole group, we construct a decentralization...