This paper presents theoretical analysis of how career concerns and shareholder monitoring affect chief executive officer (CEO) agency costs. We investigate investment efficiency prior to CEO retirement based on a sample of Chinese state-owned enterprises (SOEs) during the 1999-2007 period and...

Since Fazzari et al. (1988), investment-cashflow sensitivity has been one of the most important indicators for testing and measuring the external financial constraints of corporations. This study analyzes the effect of changes in the relative cost of internal and external financing on investment...

A new estimation procedure based on the composite quantile regression is proposed for the semiparametric additive partial linear models, of which the nonparametric components are approximated by polynomial splines. The proposed estimation method can simultaneously estimate both the parametric...

How can a platform capture the value it creates for its users while fostering a diverse and inclusive marketplace? This study explores the potential consequences of monetizing a prominent promotional program within a platform market for book promotions, specifically the Giveaways program on...

We take advantage of data from Chinese listed business groups to investigate how the intra-firm decision rights allocation affects the firm’s innovation. Using the abnormal concentration of cash flows as a proxy for the centralization of decision rights between the top managers and the...

This study shows that a decline in investment efficiency due to information asymmetry may not necessarily devalue a firm but may enhance its value instead. Firms base their investment decisions on both public and private information. However, effectively transmitting private information to...

Bismuth vanadate (BiVO4) is a promising photocatalyst for the water pollution degradation and photocatalytic oxygen evolution. In this work, we prepared 2D/2D BiVO4-Bi4V2O10 heterostructure with tight interfacial contact via a facile one-step hydrothermal process. The crystal structure and...