This paper finds that after controlling for board composition, firms with larger cash constraints tend to grant stock options to managers as performance rewards. The interaction item between cash constraint shortfall and past stock returns performance is positively related to stock option grant....

Business-to-business relationships between original equipment manufacturing (OEM) suppliers and customers (brand name buyers) are an often studied issue; however, theoretical and empirical studies seldom focus solely on the suppliers' perspective. This paper examines OEM suppliers' perspectives...

This article adopts Campbell's (1991) return decomposition model to decompose the unexpected stock return and unexpected excess stock return in the US stock market. The study also investigates the factors that cause the shock to stock return and excess stock return. We further examine the...

In this article, we employ a multivariate stochastic volatility (MSV) model to investigate the return and volatility interactions among three major Asian stock indices and the NASDAQ index. Using Laplace approximation to simplify the calculation of the likelihood function of the MSV model, we...

This note attempts to explore the driving force behind firms' voluntary environmental investment and to provide an alternative viewpoint to the traditional notion of environmental investment. We show that, if consumers are environmentally conscious, then firms' environmental investment will...

This paper investigates the phenomenon of judicial corruption and incorporates it into Polinsky, A. M. (1980). Strict liability vs. negligence in a market setting. American Economic Review, 70, 363–367 framework so as to analyze the efficiency of the negligence rule. By shedding light on the...