This paper examines the impacts of macroeconomic uncertainty, state ownership and board composition on firm performance. First, we find state ownership is negatively related to firm performance measured by return on assets and Tobin's Q. However, Tobin's Q increases with state ownership when...

Negative income shocks may cause lower consumption and a switch in consumption from brand to non-brand products as consumers economize on price (Larkin 2013). This switch can also be the result of the vigorous promotion of private label products (Lamey et al. 2012). However, dedicated customers...

We document that contrary to the conventional view, the costs of domestic firms in terms of selling, general and administrative expenses and cost of goods sold increase significantly following exogenous shocks that increase competition, namely material import tariff cuts affecting US...

This paper divides Chinese A-Share IPO initial returns into the initial return of the primary market and of the secondary market. Our empirical evidence shows that the initial abnormal return on the secondary market is significantly positive. This study also finds that 1) the initial return of...

The use of debt in the stock market is not a new theme, but the determinants of this phenomenon are underexplored. Based on survey data on individual investors in the Vietnam stock market, our results indicate that investment horizons are the key predictors of debt use in the stock market....

We consider the degree to which climate disasters influence investor behavior. Using data on events such as hurricanes and floods, we show that disasters prompt investors to pay more attention to socially responsible investing and invest more in mutual funds with an environmental focus....

The factor model is an important construct for both portfolio managers and researchers in modern finance. For practitioners, factor model coefficients are used to guide the construction of optimal portfolios. For academicians, factor model parameters play a fundamental role in explaining...