A dynamic asset-liability management model for defined-benefit pension plans is developed. The plan can be in surplus or deficit. The sponsor is loss averse and tolerates limited shortfalls in assets under management relative to the liability due. The optimal contribution policy, the optimal...

A three factor, four region and 15 sector computable general equilibrium (CGE) model is used to study the impact of foreign direct investment (FDI) accruing to China. We focus on the sectors of Electronics, Machinery and Textiles which account for 55.4% and 40% of Chinese overall exports and...

Many service providers, such as restaurants, are selling their gift cards through independent retailers. We analyze a supply chain of a service provider who sells products and gift cards at face value at its locations. The service provider also sells its gift cards through a retailer. Consumers...

This paper considers a parking competition game where a finite number of vehicles from different origins compete for the same number of parking spaces located at various places in a downtown area to minimize their own parking costs. If one vehicle reaches a desired vacant parking space before...

Using a uniquely selected family-firm data set, we show that Chinese family firms are, on average, more valuable than nonfamily firms, and that their superior performance can be explained in part by their political connections. Chinese family firms in which the chairperson or CEO is politically...

Using a sample of 21,608 firm-years from 34 countries during 1998–2004, this study evaluates the impact of voluntary adoption of the International Financial Reporting Standards (IFRS) on a firm’s implied cost of equity capital. We find that the implied cost of equity capital is significantly...