From the perspective of high-quality acquirers (with generated goodwill), this study analyses the conflicting issues in the formation, recognition and subsequent measurement of goodwill and finds that good enterprises are not willing to make a timely provision for goodwill impairment, and the...

In order to make China's carbon emission policies effectively, it is necessary to estimate the CO2 emissions reduction reasonably of each province in China. This study aims to establish a new measurement method by employing an Inverse Data Envelopment Analysis (InvDEA) with frontier changes to...

Using novel data on companies' midyear pay actions taken in response to COVID-19 disruptions, I find that 30% of firms reduced CEOs' base salaries. Salary reductions served to "share the pain" with stakeholders. CEOs suffering salary cuts, however, often saw lower targets for annual and...

We solve a dynamic Kyle model in which the large investor's private information concerns her plans for taking an active role in governance. We show that once a block has been created, its continued existence is jeopardized by an increase in the liquidity of the firm's stock. Greater liquidity...

Cooperation among group members is the ultimate pursuit in any collective actions. We examine the collective tasks of approving the use of a reserve fund for maintaining facilities covering approximately 5,000 projects and 635 communities in Nanjing, China. In these communities, any maintenance...

This study examines the effect of local media coverage of environmental pollution on corporate investment based on a textual analysis of China’s provincial newspapers. Using a sample of publicly listed firms in polluting industries, we document a significantly positive effect of media coverage...

This paper studies the conflict between ESG funds and their investors. Funds trade-off greater short-term financial performance against long-term sustainability. This conflict results in ESG funds voting against their stated pro-social mandate, even when supported by proxy advisors. Lower...