In this paper, we examine whether recent regulatory reforms requiring majority board independence are effective in reducing the extent of earnings management. Firms that did not have a majority of independent directors prior to the reforms (referred to as non-compliance firms) are required to...

This paper studies a merger between price-setting newsvendors in an oligopolistic market. It is well-known that inventory pooling can greatly reduce inventory costs in a centralized distribution system because it helps reduce aggregate demand uncertainty. Although such statistical economies of...

China's over 25% aggregate household saving rate is one of the highest in the world. One popular view attributes the high saving rate to fast-rising housing prices in China. However, cross-sectional data do not show a significant relationship between housing prices and household saving rates....

The authors examine the role of reference prices in a unique form of gift giving behavior - gift registries. A Hierarchical Bayesian analysis of fulfillment data from 555 online wedding registries and results from a laboratory experiment reveal that gift fulfillment probability follows a bimodal...