The introduction of an Emissions Trading Scheme (ETS) to decarbonise the Chinese economy faces challenges relating to the tradition of heavy regulation that characterises the functioning of the largest carbon-emitting sector – coal-fired electricity production. This article examines what scope...

We investigate whether the levels of social capital in U.S. counties, as captured by strength of civic norms and density of social networks in the counties, are systematically related to tax avoidance activities of corporations with headquarters located in the counties. We find strong negative...

A rich literature has noted that electoral pressures in democracies engender political business cycles. We argue that in autocracies with strong institutions of bureaucratic management, evaluation systems based on economic performance have also generated political cycles of tax break policies....

We examine the puzzling observation of newly emergent Chinese non-state-controlled enterprises (NSCEs) adapting the long-established practice from state-controlled organizations of inviting state officials for general non-technical and non-regulatory visits(领导视察) and then publicizing...

Taking advantage of the institutional difference in capture between local and non-local media in China, we examine the association between media capture and post-earnings announcement drift (PEAD). Using both portfolio and regression analyses, we find that, for the same firms, non-local media...

We find that firms headquartered in U.S. counties with higher levels of social capital incur lower bank loan spreads. This finding is robust to using organ donation as an alternative social-capital measure and incremental to the effects of religiosity, corporate social responsibility, and tax...

We investigate the performance of two commonly used pricing schemes -- hourly-rate contract and two-part tariff -- in service environments where the buyer's valuation is invisible to the service provider and the provider's effort may not be visible to the buyer. In the private effort...

This study analyzes how promotion-based tournament incentives for non-CEO senior executives affect corporate innovation. We measure tournament incentives using the pay gap between a CEO and the next layer of senior executives. We find that tournament incentives are positively related to...

The media in China has undergone extensive commercialization to become more market-driven over the last 35 years. Based on a sample of over two million newspaper articles, this study investigates whether the media in China has an incremental impact on stock price efficiency. We find that as...