Prior studies show stock liquidity improves price informativeness and strengthens governance. Stock price informativeness offers an incentive for managers with equity-based compensation to avoid tax. Strengthening governance, by contrast, reduces tax avoidance if diverting corporate profits for...

We find that firms winning Green Company Awards in China from 2008 to 2011 experienced on average insignificant and in some cases significantly negative effects on shareholder value. Various robustness checks suggest that these findings are not driven by the inefficiency of the Chinese stock...

The existing literature has often underscored the “healthy migrant” effect and the “salmon bias” in understanding the health of migrants. Nevertheless, direct evidence for these two hypotheses, particularly the “salmon bias,” is limited. Using data from a national longitudinal survey...