In the presence of business groups, the expropriation through related party transactions (RPTs) is common and costly to minority shareholders. At the same time, it is well recognized that RPTs can help firms overcome market shortcomings. Using the setting of India's RPT voting rule, I find that...

As the new energy vehicle (NEV) subsidy policy of the Chinese government will completely exit the market in 2020, qualified NEV production manufacturers need to decide how to produce NEVs with/without producing internal combustion engine vehicles (ICEVs). Besides, the consumer's willingness to...

We characterize and measure a long-run risk return tradeoff for the valuation of financial cash flows that are exposed to fluctuations in macroeconomic growth. This tradeoff features components of financial cash flows that are only realized far into the future but are still reflected in current...

This study shows that, to obtain a precise measure of the liquidity premium in the stock market, it is important to recognize the influence of information uncertainty on the pricing of liquidity. Information uncertainty, which is positively correlated with stock illiquidity but negatively priced...

A view receiving increased support is that the height of trade costs in prime export sectorshas a strong effect on current account balances: countries specializing in sectors that facerelatively high trade costs, such as services, tend to run current account deficits, andsimilarly, countries...

We examine voluntary disclosures made by issuers of initial coin offerings (ICOs) in their “white papers” and use them to rate the blockchain technology being developed by the ICO issuers. First, we find that most ICOs receive a low rating. In fact, over 80% of the ICOs do not need to use a...

This study provides evidence that the use of conservative accounting in debt contracting depends on the enforceability of the contract. To test the effect of debt contract enforcement on borrowers' timely loss recognition, we exploit the staggered introduction of enhanced debt contract...

This study provides evidence that the use of conservative accounting in debt contracting depends on the enforceability of the contract. To test the effect of debt contract enforcement on borrowers' timely loss recognition, we exploit the staggered introduction of enhanced debt contract...

I propose a novel measure of firms that hire in the same talent pool analyzing employees' internet co-search patterns on two major online labor markets: Glassdoor and LinkedIn. I classify co-searched firms as labor market peer firms (LMPs). LMPs (1) overlap but differ from standard...

In the green market, there is no “one size fits all” product strategy. Consumers' environmental awareness may motivate enterprise to adopt green technology and eco-friendly materials, and then bring the enterprise more profit and market share in some cases. Consumer environmental awareness...