Neuropsychological studies propose that listeners unconsciously assess speakers’ trustworthiness via their facial expressions. Building on this theory, we investigate how investors respond to CEOs’ dynamic hemifacial asymmetry of expressions (HFAsy) shown on CNBC’s video interviews about...

In this paper we investigate whether selling, general and administrative (SG&A) expenditure (excluding R&D and advertising expenditure) creates a long-lived asset. GAAP requires SG&A expenditure to be expensed immediately as a period cost to recognize using up of economic benefits. We...

This study focuses on the relation between current compensation and past performance measures as signals of a CEO’s ability. We develop a simple two-period principal-agent model with moral hazard and adverse selection and test theoretical predictions using CEO compensation data from 1993-2006....

Here, a new spherical Li1.23Mn0.46Ni0.246Co0.046Al0.015O2 (0.6Li2MnO3·0.4LiNi0.8Co0.15Al0.05O2, LMNCA) cathode with low cobalt content is rationally designed and prepared. The lithium deficiencies engineering with different lithium (from 75% to 103% of theoretically stoichiometric ratio...

This study explores how stock liquidity shapes a firm’s cost behavior using the Tick Size Pilot Program (TSPP) as a natural experiment. We find that an exogeneous increase in the minimum tick size for small cap stocks leads to an increase in SG&A cost stickiness in these pilot firms,...

Negative book value firms have become more prevalent in recent years, ranging from 0.41% of all Compustat firms in 1961 to 12.47% in 2016 with highest representations in the healthcare, telecommunication, and computer electronic industries. Since debtholders exercise strong scrutiny on...

We use the residual-income valuation model to simultaneously estimate firm-specific implied long-term growth rate in abnormal earnings and cost of capital by relating earnings-to-price and book-to-market ratios in a linear fashion. This simple framework estimates investors' consensus beliefs...