A supply chain will evolve with the product updating and different stages of the product life cycle. When the downstream manufacturers initiate new-technology products with emerging technology to the market, the upstream suppliers who independently carry out innovative R&D need to make R&D...

A supply chain will evolve with the product updating and different stages of the product life cycle. When the downstream manufacturers initiate new-technology products with emerging technology to the market, the upstream suppliers who independently carry out innovative R&D need to make R&D...

This article studies the relative investment performance of several stock-valuation measures. The first is mispricing based on the valuation model developed by Bakshe and Chen (1998)and extended by Dong (1998) (hereafter, the BCD model). The BCD model relates, in closed form, a stock's fair...

We study the interaction between market timing and pecking order in the financing decision of firms. Using a sample of debt and equity issues and share repurchases of Canadian firms during 1998-2007, we find that only when firms are not financially constrained, they are more likely to issue...

We test how market overvaluation affects corporate innovation. Estimated stock overvaluation is very strongly associated with R&D, innovative output, and measures of innovative novelty, originality, and scope. R&D is much more sensitive than capital investment to overvaluation. Misvaluation...

A greater firm-level transparency through enhanced disclosure provides more information regarding the risk situation of an insurer to its outside stakeholders such as stock investors and policyholders. The disclosure of the insurer's risktaking can result in negative influences on, for example,...

This article explores life insurance consumption in 31 European countries from 2003 to 2012 and aims to investigate the extent to which market transparency can affect life insurance demand. The cross-country evidence for the entire sample period shows that greater market transparency, which...

This paper uses pre-offer market valuations to evaluate the misvaluation and "Q" theories of takeovers. Bidder and target valuations (price-to-book, or price-to-residual-income-model-value) are related to means of payment, mode of acquisition, premia, target hostility, offer success, and bidder...