The reason for extending the Value Added Tax (VAT) to the services sector in China is not sufficiently powerful. Just looking at the services sector, substituting the sales tax with a VAT gives rise to many difficulties in terms of system design and implementation, and the possible problems may...

Currently the labour income ratio in China is normal relative to its economic development; the income differential between industries requires solutions from the continuing establishment of a market economic system and the reduction of monopolistic practices. The important income redistribution...

This paper studies whether government-dependent firms are more resilient to foreign competition. Using the United States’ granting of Permanent Normal Trade Relations to China as an exogenous shock, we show that government contractors have better operating performance when their industries are...

Employing a sample of 5,858 U.S. public firms from 1993 to 2017, this study documents robust evidence that firms that hold more trademarks enjoy a lower cost of equity, even after we control for other determinants of the cost of equity and industry-by-year fixed effects. To address endogeneity...

A theoretical model for the relative gas diffusion coefficient in dry porous media embedded with a Y-shaped fractal-like tree network is presented under the combination of bulk diffusion and Knudsen diffusion. The proposed model is expressed as a function of the length ratio, the diameter ratio,...

This paper studies the relationship between a firm's pre-IPO trademarks and its IPO underpricing. Using 4,321 US IPOs during the period 1980-2016, we find that firms with a larger number of trademarks prior to the IPO date experience significantly less IPO underpricing. We employ a quasi-natural...

Using the passage of the Federal Trademark Dilution Act (FTDA) as an exogenous shock to trademark protection, we find that stronger trademark protection induces firms to increase their CEO risk-taking incentives as measured by CEO portfolio vega. The effect is greater for firms facing more...

This paper examines the relationship between competition and product development innovation using the U.S. trademark database. We find that greater import competition spurs corporate product innovation measured by newly launched trademarks. However, such increase in foreign competition is...