This paper investigates the geographic extent of foreign direct investment (FDI) technology spillovers and diffusion in the People's Republic of China (PRC). We employ spatial dynamic panel econometric techniques to detect total factor productivity (TFP) innovation clusters, uncover the spatial...

We test the proposition in Johnstone (2016) that new information may lead to higher, rather than lower, uncertainty about firms' future payoffs. Based on the Bayesian rule, we hypothesize earnings news that is inconsistent with investors' prior belief will lead to higher market uncertainty....

This study examines whether and how brokers manage the distribution of their stock recommendations. We document that in a quarter if a broker’s percentage of buy recommendations in the first two months is substantially higher than the historical average, the broker issues significantly fewer...