This paper examines the association between firms' political connection and their voluntary disclosure on government subsidies using a sample of Chinese non-state-owned enterprises. For the sample period 2007-2016, we find that politically connected subsidy-receiving firms provide a lower amount...

This paper examines the effect of anti-subsidy investigation and penalty (through countervailing duties) on disclosure of government subsidy information by Chinese listed firms. We find that firms reduce disclosure of subsidy information when their exported products are facing anti-subsidy...

Population ageing leads to labour scarcity and labour market rigidity. Contrary to supply-side economists’ belief that labour market rigidity tends to suppress firm innovation, we provide novel evidence of a positive relationship between population ageing and firm innovation in China. This...

This paper investigates whether risk-related disclosure, which includes aggregate risk disclosure and its tone , including upside and downside risk disclosures, is value relevant for investors in the UK market. Based on 1,941 firm-year observations for nonfinancial firms listed on the FTSE...

This paper examines the effect of guanxi on the relation between firm value and voluntary disclosure of information about new investment projects in China's institutional setting. We find a negative relation between firm value and voluntary disclosure for firms that rely more heavily on guanxi...

Supplier financing, or trade credit, is an increasingly important source of financing for a company. This paper tests two alternative views on the relation between trade credit and future stock price crash risk: monitoring and concession. We present robust evidence that supplier financing is...

This paper examines the relation between bank branch deregulation and corporate borrowers' stock price crash risk. Using a large sample of U.S. public firms over the period 1962-2001, we provide robust evidence that intrastate branch reform reduces firms' stock price crash risk. Our finding is...

This paper examines the contagion effects of stock price crashes along the supply chain. We find that stock price crashes can be transmitted from major customers to suppliers with a delay of up to two weeks. This delay is moderated by the information transparency of the affected suppliers. A...

Many firms tout their commitment to diversity, sometimes appointing racial minorities to their board of directors. We find that firms with more minority directors are associated with greater innovation output. Using patent-inventor information, we uncover an important yet previously...