This paper studies the averaging GMM estimator that combines a conservative GMM estimator based on valid moment conditions and an aggressive GMM estimator based on both valid and possibly misspecified moment conditions, where the weight is the sample analog of an infeasible optimal weight. We...

Following the seminal paper by Altonji and Segal (1996), empirical studies have widely embraced equal or diagonal weighting in minimum distance estimation to mitigate the finite-sample bias caused by sampling errors in the weighting matrix. This paper introduces a new weighting scheme that...

This paper investigates how information asymmetry and mutual fund ownership affect listed companies' earnings management. We show that (1) reducing information asymmetry improves firms' earnings management behavior; (2) relative to short-term mutual funds, long-term mutual funds promote earnings...

This study investigates the effect of targeted reserve requirement ratio cuts (TRRRCs) on tax avoidance among small and micro enterprises (SMEs) with operating revenues below specific cutoffs in China. Using a regression discontinuity design, we causally show that, by increasing loan...