We examine the determinants of market value and underpricing for 1221 IPOs using a stochastic frontier model applied to the previously unexamined 1999-2010 period. We find that the book value of assets, the percentage of shares retained by the original owners of the firm, the commission rate and...

In this study, we examine how government debt responds to environmental policies when governments are endowed with inadequately supervised fiscal flexibility. We find that a strengthening of environmental policy worsened the local economy and encouraged Chinese local governments to increase the...

In this study, we examine how government debt responds to environmental policies when governments are endowed with inadequately supervised fiscal flexibility. We find that a strengthening of environmental policy worsened the local economy and encouraged Chinese local governments to increase the...

In this study, we examine whether and how the responses of local governments to the central government’s environmental policies impact the cost-effectiveness of those policies when local governments are endowed with inadequately supervised fiscal flexibility. We find that a strengthening of...

This paper studies large sample properties of the matrix exponential spatial specification (MESS). We find that the quasi-maximum likelihood estimator (QMLE) for the MESS is consistent under heteroskedasticity, a property not shared by the QMLE of the SAR model. For the general model that has...

This paper studies large sample properties of the matrix exponential spatial specification (MESS). We find that the quasi-maximum likelihood estimator (QMLE) for the MESS is consistent under heteroskedasticity, a property not shared by the QMLE of the SAR model. For the general model that has...