We examine how the trade shock from China influences the behavior and investment performance of overconfident CEOs in U …

firm may be encroached by shareholders and managers after the announcement in the U.S. but not in China. However, for … on average, while those in China can profit from it before the information is officially released; however, the incentive …

We exploit the U.S. grant of Permanent Normal Trade Relations (PNTR) status to China as a quasi-policy shock to … corporate demand for targets with China-related business experience, and investigate how such a shock affects U.S. acquirers … U.S. acquirers by lowering operating expenses, purchasing more inputs from China, selling more outputs to China, and …

Using data on corruption convictions from the U.S. Department of Justice, we find that auditors charge higher fees when …

We study the relation between public corruption and the value as well as disclosure policies of firms at the state … informational transparency in more corrupt areas. Local corruption has a less negative effect on industries that sell primarily to …-level corruption, indicating legal jurisdiction matters despite similar local conditions. Results are robust to instrumenting for …

This paper compares corruption in China over the past 15 years with corruption in the U.S. between 1870 and 1930 … — approximately equivalent to China's real income per capita in 2009 — corruption was similar in both countries. The findings imply … that, while corruption in China is an issue that merits attention, it is not at alarmingly high levels, compared to the U …