This study conducts the first analysis of the influence of private communication on earnings management. Results show that private communication can curb earnings management; the constraining effect of private communication on earnings management is greater when the number of external...

Problem Definition: Many firms have recently allowed consumer engagement in their sustainable packaging program, where consumers can contribute to reducing the environmental impact via packaging-free purchase. In this paper, we develop a stylized model to study the impacts of consumer engagement...

We study how to manage commodity risks (price and volume) via procurement and financial hedging for a value-at-risk (VaR) risk-averse newsvendor. Facing stochastic procurement cost from the commodity market, the firm decides on its financial hedging strategy contingent on the procurement cost...

We propose an employee sentiment index, which complements investor sentiment and manager sentiment indices, and find that high employee sentiment predicts a subsequent low market return, significant both in- and out-of-sample. The predictability of the employee sentiment index can also deliver...

This paper examines whether rare disaster can predict stock returns. We construct an aggregate rare disaster index by imposing the partial least square (PLS) approach on six news-implied rare disaster proxies of Manela and Moreira (2017). Our disaster measure strongly predicts monthly excess...

This study investigates the cross-country impact of U.S. equity market skewness risk. We find that a large decrease in the U.S. market skewness significantly predicts high future returns on international equity markets. The predictability remains significant after controlling for a set of U.S....

In this study, we separately estimate the implied volatility from bid prices and ask prices ofdeep out-of-the-money (OTM) put options on the S&P500 index. We find that the impliedvolatility of ask prices has stronger stock return predictability than that of bid prices. Our finding is robust to...

A significant enhancement in light extraction from colloidal ZnO QD films was observed on an addition of a layer of two-dimensional photonic crystal (2D-PC) structure. The PCs with a rectangular-lattice air-hole array pattern with the period of 1.4 μm and the hole-size of 400 nm were fabricated...