This paper examines the effect of the inherent demand implied by short interest by observing price reactions to earnings announcements based on the level of short interest. We find that for extreme good- and bad- news events, the inherent demand increases stock prices around the earnings...

We study auditors' client risk management in the first year of SOX 404 implementation, and find that there exists a pecking order among auditors' strategies to manage control risk resulting from internal control weaknesses. We first examine the relations between internal control weaknesses and...

This paper examines the potential impacts of artificial smoothing (abnormal accruals) and real smoothing (derivatives) on firm value. We find that the value of the firm decreases with the magnitude of abnormal accruals and increases with the level of derivative use. Moreover, the accrual...

This project applies the methods of functional data analysis (FDA) to intra-daily returns of US corporations. It focuses on an extension of the Capital Asset Pricing Model (CAPM) to such returns. The CAPM is essentially a linear regression with the slope coefficient . Returns of an asset are...

This paper introduces endogenous capital income tax rates as in Schmitt-Grohe and Uribe (1997), into the overlapping generations model with endogenous labor and consumption in both periods of life (e.g., Cazzavillan and Pintus, 2004). In contrast with the previous result that the existence of...

Using China Customs data that cover monthly transactions of all Chinese exporters, we investigate how Chinese exporters respond to U.S. antidumping investigations during the 2000-2006 period. Our difference-in-differences analysis uncovers a number of findings: (1) the substantial...

We analyzed the spatial distribution of lake and reservoir water quality in China, and the trends from 2005 to 2010, based on monitoring data from 28 large Chinese lakes and reservoirs. We used a comprehensive water pollution index (WPI) to describe water quality and also identified the major...

The walnut industry in Shangluo City is evaluated based on SWOT. The internal advantage, disadvantage, external opportunities and threats to the walnut industry are found out. In the end, suggestions towards the development of walnut industry in Shangluo City are put forward.

Microreactors offer excellent mass and heat transfer performance for extraction and multiphase reactions. They provide a powerful tool for process intensification and micro scale processing. This paper reviews the structures of microreactors and units, and their applications on the synthesis of...