The massive expansion of China's real estate sector has raised manufacturing wage through the channel of reallocating low-skilled labor from manufacturing sectors to the real estate sector. Using data of manufacturing firms in 35 major cities from 2000-2007, we find that the expansion of the...

The primary objective of this study is to conduct a large-sample empirical investigation of how relational capital impacts bullwhip at the supplier. The study uses mandatory disclosures in regulatory filings of US firms to identify a supplier's major customers and constructs empirical proxies of...

In this study, we examine the effect of investor sentiment on the stock market reaction to earnings news (i.e., the earnings response coefficient or ERC) for loss firms. We find that the ERC for loss firms' earnings increases is less positive as sentiment increases, contrary to the findings in...

Regulators have alleged that digital giants (Alphabet, Facebook, Microsoft, Apple, and Amazon) have misused their market power to earn abnormal profits. Research that systematically documents whether technology firms earn abnormal profits is limited, arguably because (i) U.S. GAAP based...

Based on the current U.S. GAAP, internally developed intangibles are not included in reported assets. Omission of an increasingly important class of assets reduces the usefulness and relevance of financial statement analysis, conducted using book value. Recent studies attempt to overcome this...

A persistent (but overlooked) feature of the cross-sectional distribution of quarterly earnings announcement returns is that the measured earnings surprise and share price response to that surprise are often in the opposite direction. Extending Kinney, Burgstahler and Martin [2002], we provide...

County forestry economy is a strong power for regional green economic development, and an important way to improve farmers' income and promote living environment in urban and rural areas. According to the investigation of ten typical counties or cities with forestry industrial advantage, this...

In this note, we provide a brief description of the internal rate of return (IRR) data, as constructed in Rajgopal, Srivastava, and Zhao (The Accounting Review, 2023). We describe how to access our IRR data for publicly traded companies on a firm-year-specific basis, to be used by academics,...

Prior literature has studied firm uniqueness and its implications for capital market participants by investigating earnings uniqueness. We recognize that cost and revenue uniqueness provide separate insights about firm uniqueness because different forces drive firm-specific revenues and costs....