Taking a chairman's native place of origin in Northern (Southern) China as a proxy for chairman individualism (collectivism), this paper examines how such individualism affects firms' cost structure decisions within a sample of Chinese listed firms. The results show that individualistic chairmen...

This paper formalizes a novel form of corporate insider trading based on non-insider information. In our model, insiders make trading decisions in anticipation of activist intervention. Because insiders have access to private information about firm fundamentals, they can better separate...

With the accelerated financialization of energy, the spillovers between energy and financial markets is becoming an important issue. This paper compares the characteristics of spillover effects between China and the US markets using the method of generalized variance decomposition due to...

We examine the effect of corruption costs on corporate disclosure of major customers. Using a panel data set for Chinese listed firms over the period 2009-2017 and difference-in-differences estimations, we find that firms with more potential sales-related corruptions respond to the Chinese...

This study considers a supply chain consisting of a commodity supplier and a final product manufacturer with uncertain demand. In addition to purchasing from the supplier through a forward contract, the manufacturer can adjust their inventory by trading the commodity in an online spot market...

This paper studies the relation between supplier-base concentration and corporate cash policy, using unique data on supplier information disclosed by Chinese listed firms between 2007 and 2020. We find that customer firms with more concentrated supplier bases tend to hold higher levels of cash...