Globally, governments increasingly rely on auctions to advance renewable energy. This paper studies the design of wind farm auctions and evaluates the impact of price guarantees and subsidies on auction efficiency, government revenue, and renewable-energy production. While the theoretical...

This paper examines the impact of having an Environmental, Social, and Governance (ESG) rating on a firm’s debt structure, i.e. how firms change their leverage ratios and debt components when becoming ESG rated. Targeted market and book leverage ratios are reduced when firms become ESG rated....

We present a model on learning in health-care markets. Hospitals have junior physicians with low and senior physicians with high abilities. Junior physicians turn senior if they serve sufficiently many patients. Patients face heterogeneous costs for waiting once a physician's capacities are...

Minimax problems can be approached by reformulating them into smooth problems with constraints or by dealing with the non-smooth objective directly. We focus on verified enclosures of all globally optimal points of such problems. In smooth problems in branch and bound algorithms, interval Newton...

m addressing global minimum variance (GMV) portfolio, which gives the weights as the function of estimated covariance matrix of the asset net returns. The inverse operation of the matrix always leads to ill-conditioned matrix due to the noise in the return series. Therefore, regularized sample...

In this paper, we examine the monitoring effect of Directors’ and Officers’ liability insurance (D&O insurance) on firms’ acquisitions in China. We find that firms with managers covered by D&O insurance are less likely to undertake acquisitions and if they do, their acquisitions are...

We examine the impact on corporate fraud of a firm’s adopting an employee stock ownership plan (ESOP) using a sample of Chinese firms. We document that ESOPs promote corporate fraud and inhibit fraud detection. The results are robust after accounting for potential endogeneity, alternative...

Purpose – This study examines the spatial and inter-temporal spillover effects of privatization on the corporate efficiency and regional income inequality of Chinese state-owned enterprises (SOEs).Design/Methodology/Approach – The spatial Durbin model (SDM) is used in regressions to examine...