This study proposes and validates “other information” in analysts' forecasts as a legitimate proxy for future cash flows, and examines its incremental role in explaining stock return volatility. We suggest that “other information” contains information about fundamentals beyond that...

This paper investigates the role of the probability of informed trading (PIN) in mergers and acquisitions. We show that acquirers with higher PINs use more cash to finance their deals due to their higher cost of equity, and acquirers use more equity financing when acquiring targets with higher...

This study examines peer influence, and its underlying motives, on environmental protection performance. We find consistent evidence of peer effects on environmental protection performance among Chinese firms. When the average environmental protection score of industry peers increases by one...