Our study examines the influence of institutional investors on firm investment efficiency based on the non-financial firms listed on Chinese stock exchanges over the period of 2009–2014. Our results show that institutional ownership generally improves firm investment efficiency. However, after...

This study empirically investigates the relationship between customer concentration and corporate risk-taking. We find that overall customer concentration significantly reduces corporate risk-taking. However, the relationship varies across different settings. Specifically, the negative...

We develop the Cox, Ingersoll and Ross (1985b) “technological uncertainty variable” in terms of a skewed Student “t” probability density with mean reverting sample paths and time varying volatility so that it can accommodate negative real interest rates. The Fokker-Planck equation is...

Intraday return predictability has firstly been identified in the equity markets, and we extend the analysis to the crude oil market by using high-frequency United States Oil Fund data from 2006 to 2018. We find a different intraday prediction pattern in the oil market, where only the first...

The pilot carbon emission trading schemes (ETSs) of China were created to combat climate change in a cost-effective and economically efficient manner, and their potential impact on regulated firms has drawn increasing attention. This study is conducted to provide empirical evidence on the effect...

We examine the relations between corporate social responsibility (CSR) disclosures, dividend payments, and firm value. We use an international sample and measure CSR disclosures based on Global Reporting Initiative (GRI) disclosure levels, which we divide into two parts (unexpected and expected...