We investigate the impact of founding family ownership on accounting conservatism. Family ownership is characterised by large, under-diversified equity stake and long investment horizon. These features give family owners both the incentives and the ability to implement conservative financial...

Taxes represent a significant cost to the firm and shareholders, and it is generally expected that shareholders prefer tax aggressiveness. However, this argument ignores potential non-tax costs that can accompany tax aggressiveness, especially those arising from agency problems. Firms owned/run...

We hypothesize that insiders strategically choose disclosure policies and the timing of their equity trades to maximize trading profits, subject to the litigation costs associated with disclosure and insider trading. Accounting for endogeneity between disclosures and trading, we find that when...

We examine the relationship between analyst research and corporate earnings announcements to explore the relative importance of information discovery versus interpretation of previously released information. Using equity market reaction to capture information content, we find that information...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>We examine the voluntary disclosure practices of family firms. We find that, compared to nonfamily firms, family firms provide fewer earnings forecasts and conference calls, but more earnings warnings. Whereas the former is consistent with family owners having a longer investment...

<title>Abstract</title>In order to eliminate the impact of the sample's objective merits on the evaluation results, this research built a two-stage model of Chinese airline competitiveness evaluation to reflect the subjective management and performance. In the first stage, Analytic Hierarchy Process (AHP) and...

China's over 25% aggregate household saving rate is one of the highest in the world. One popular view attributes the high saving rate to fast-rising housing prices in China. However, cross-sectional data do not show a significant relationship between housing prices and household saving rates....

Increased attention has recently been given to technical efficiency of small-scale irrigation to achieve food security and increase agricultural development. In this paper, the authors classify irrigation supply management methods as cooperative or non-cooperative, introduce social capital by...

In classical Laplacian image sharpening, all pixels are processed one by one, which leads to large amount of computation. Traditional Laplacian sharpening processed on CPU is considerably time-consuming especially for those large pictures. In this paper, we propose a parallel implementation of...

In this paper we study corporate debt values, capital structure, and the term structure of interest rates in a unified framework. We employ numerical techniques to compute the firm's optimal capital structure and the value of its long-term risky debt and yield spreads when the value of the...