The first essay uses a model of profit-maximizing hospitals to examine hospital responses to global budgeting in the forms of dumping and cost shifting. The main findings include: (1) Hospitals dump insured patients when the covered services are priced under costs. Whetherthe budget target is...

Agriculture has been essentially the backbone of economic growth for centuries. The sector has provided employment for the majority of the world population for generations, and has served as a powerful force in transforming of economies towards an industry- and service- based. In many countries,...

We develop a model in which time-varying real investment opportunities lead to time-varying adverse selection in the market for initial public offerings. The model is consistent with several stylized facts known about the IPO market: economic expansions are associated with a dramatic increase in...

From the perspective of corporate financial accounting, we examine empirically the impact of corporate financial factors on the voluntary disclosure of environmental information. Using a sample of 138 chemical industry listed companies in China, we find that more companies disclose environment...

In this paper, we study the empirical performance of structural credit risk models by examining the default probabilities calculated from these models with different time horizons. The parameters of the models are estimated from firm's bond and equity prices. The models studied include Merton...

We develop a model in which time-varying real investment opportunities lead to time-varying adverse selection in the market for initial public offerings. The model is consistent with several stylized facts known about the IPO market: economic expansions are associated with a dramatic increase in...

Asymmetric information models suggest that a borrower's choice of debt maturity depends on its private information about its default probabilities, i.e., borrowers with favorable information prefer short-term debt while those with unfavorable information prefer long-term debt. We test this...

Financial integration is less pronounced in East Asia than among states in Europe and North America or compared to economic integration within the region. Cross-border trade flows, direct investment and investment in capital goods have long been greater and faster growing than other investment...

A key distinction between some models of IPO pricing (e.g., auctions and bookbuilding) and others (e.g., fixed-priced models) is whether price discovery occurs in the primary market or the secondary market. We show that higher investment bank reputation is associated with 1) more active filing...

The minimum weighted dominating set (MWDS) problem is one of the classic NP-hard optimization problems in graph theory with applications in many fields such as wireless communication networks. MWDS in general graphs has been showed not to have polynomial-time constant-approximation if <InlineEquation ID="IEq1"> <EquationSource...</equationsource></inlineequation>