This study analyzes how the relationship between non-controlling and controlling large shareholders affects corporate valuations. Using data from the Chinese market, we find that a firm's value is lower when its non-controlling large shareholders have a relationship with its controlling...

This study measures the ethical reasoning ability among undergraduate business students from Japan and China for the purpose of assisting the international convergence of accounting ethics education. This study also examined the effect that students' learning experiences had on their overall...

This study measures the ethical reasoning ability among undergraduate business students from Japan and China for the purpose of assisting the international convergence of accounting ethics education. This study also examined the effect that students' learning experiences had on their overall...

We investigate how market competition and corporate governance affect a firm's cost of equity and debt. We find firms with better corporate governance have a lower cost of equity and cost of debt. However, we find that the negative relation between cost of capital and governance primarily holds...

We examine how information asymmetry affects a firm's incentive to hedge versus speculate by using foreign currency derivatives. We find a quadratic relation between asymmetric information and a firm's risk management activities. In particular, we find that the firms facing medium level of...

We analyze the impact of capacity constraints on IPO underpricing in the US property and liability (P&L) insurance industry. Our results show that insurer IPOs experience much less underpricing when insurers go public during capacity-constrained periods. Monte Carlo simulation shows that IPOs in...

Using the split share structure reform in China as a natural experiment, we study how changes in controlling shareholder incentive affect the pay-for-performance sensitivity. The reform converts the shares owned by controlling shareholders from non-tradable to tradable shares. The removal of...