We model a portfolio of real options with cost contingency and government subsidy at the operation stage. We demonstrate that the investment value is highly sensitive to cost and revenue uncertainties. Our numerical analysis suggests that the investment value of risky project is higher when net...

We examine the long-run relationship between market value, book value, and residual income in the Ohlson (Contemp Acc Res 11(2):661–687, <CitationRef CitationID="CR27">1995</CitationRef>) model. In particular, we test if market value is cointegrated with book value and residual income in light of their non-stationary behaviors. We find...</citationref>

We examine the impact of information asymmetry on a firm's capital structure decisions with a unique information rating scheme that draws from 114 measures over five dimensions of information disclosures on each firm from 2006 to 2012. We find that a firm with high (low) information rating is...

This paper examines the behavior of asset correlations with the market returns in the asymptotic single risk factor (ASRF) approach of the Basel II accord on regulatory capital requirement. Over a sample period from 1988 to 2007, we find that asset correlations are positively related to firm...

Purpose – The purpose of this study is to examine the exposures of Australian gold mining firms in the highly volatile period from 1995 to 2000. This period has been characterized by significant changes in gold price due to bulk sale of gold by collective central banks. Specifically, the paper...

We examine the inter-relationships among internal governance, firm attributes, and the listing choices of American Depositary Receipts (ADRs) for Chinese firms. We find that Chinese ADRs exhibit better performance, higher growth opportunities, and stronger internal governance than domestic firms...

Using data from the Taiwanese stock market, an emerging market, this paper documents positive changes in liquidity and volatility around seasoned equity offerings (SEOs). These findings are consistent with the uncertain signal hypothesis that investors with diverse views on the information...

Enterprises must be from angle of human resources management to create the difference in the present fierce business environment of competition. The member is enterprise's most important assets; the more important thing is an administrator should grasp the staff's psychology. This research...

We examine the effect of book-to-market equity (BE/ME) on asset correlations in the asymptotic single risk factor (ASRF) framework under the Basel II Accord on regulatory capital requirement. Over a sample period from 1988 to 2007, we find that BE/ME is negatively related to asset correlations...