Prior research on SEC comment letters has almost exclusively focused on reviews of periodic filings, such as 10-Ks. Transactional filing reviews, such as those related to mergers and acquisitions (M&A), are a fundamental priority of the SEC and to which it dedicates significant resources. We...

We show strong over-extrapolation of earnings in the I/B/E/S managerial guidance. Firms whose earnings are less persistent, less volatile, or more salient exhibit more extrapolation. Managers who observe rapid growth in their local housing market also demonstrate more extrapolation, albeit...

Livestream e-commerce features live social interactions that enable real-time, face-to-text communications among a streamer and many customers. We posit such live social interactions generate persuasion effect that eventually leads to higher product returns. Using data from a leading livestream...

We find that the acquirer’s (1) abnormal returns at merger and acquisition (M&A) announcements and (2) long-term abnormal returns after acquisitions increase with target firm insiders’ net purchase ratios. Further, acquisition synergies, measured as the (1) acquirer-target combined...

Although lenient return policies can drive sales and customer loyalty, they have also resulted in enormous returns volumes and reverse logistics costs. Online retailers often feel compelled to offer free returns, but are then faced with numerous operational challenges, ranging from accurately...

Green travel is essential to the sustainability of environment and transportation and considerably contributes to city decarbonization. The covid-19 pandemic has dramatically transformed the way of travel, yet the hidden factors that drive those changes are still uncertain. This paper develops a...

Although multiple-purchase behavior is typical in retail practice, the choice model to portray such behavior is rare in existing research. This paper presents a new multiple-purchase (MP) choice model based on the multinomial logit (MNL) choice model, which allows customers to purchase more than...

Fly ash has been used as cementitious materials for solid waste immobilization. However, fly ash typically contains the hazardous elements Se, Cr, As, and B, and the leachability of these anions is a concern for its reuse. In this study, five amino acids were selected as models of simplified...

Operation control is a vital and complex issue for microgrids. The objective of this paper is to explore the practical means of applying decentralized control by using a multi agent system in actual microgrids and devices. This paper presents a hierarchical control framework (HCF) consisting of...