How do real-time expectations affect firms' economic decisions? We provide evidence by using a dataset on Japanese multinational firms' sales forecasts and exploring an unexpected escalation of a territorial dispute between China and Japan in 2012. Our estimation substantiates that, after the...

Energy Transition towards a low-carbon emission energy system has been a long-term strategy for Germany and China. Both countries are expected to take the lead on the global effort to achieve clean energy and greenhouse gas emissions reduction. Although Germany and China have different...

When managers have objectives beyond maximizing monetary profits, inefficiencies may arise. An increase in competition may then force managers to improve the productivity of the firm in order to ensure survival. While this hypothesis has received ample theoretical attention, empirical evidence...