The purpose of this study was to explore Chinese consumers' motivations for purchasing luxury products, and to unravel the inter-relationships among individual differences, motives, and luxury consumption

This study examines Chinese consumers' motives, attitudes toward luxury brands (ATLB), and the impact of ATLB on consumer behavior. Specifically, Chinese luxury consumers were segmented into three groups: the elitist, the distant, and the democratic. Compared to the democratic group, the more...

We construct a dynamic takeover law index using hand-collected data on legal provisions and empirically examine the effect of takeover regulation to protect shareholders on shareholder wealth for bidders and targets in a multi-country setting. We find that a stricter takeover law increases the...

This paper analyzes the relation between ownership concentration and corporate bond volatility. We show that increased ownership concentration is associated with higher volatility of corporate bonds. This relation is stronger among more illiquid bonds, during periods of heightened bond market...

The number of Americans raising grandchildren has been rising steadily. In this paper, we add to what is known about the implications of this trend by focusing on the economic effects of raising a grandchild. We make use of a unique data set compiled from the Panel Study of Income Dynamics along...

Relying on a comprehensive data set of news releases, we construct monthly firm-level news sentiment scores during the 2000–2016 period and document a news momentum phenomenon of stocks with more positive news in the past generating more positive news in the future. We propose three hypotheses...

This paper investigates the effects of stock pledge by controlling shareholder on corporate's future innovation productivity and the mechanism through which stock pledge affects innovation. We find that both the existence of stock pledge by controlling shareholder and the percentage of shares...

We examine the impact of local religious beliefs on organizational risk-taking behaviors using hedge funds as a new and unique setting. We find robust evidence that local religiosity is significantly negatively related to both total and idiosyncratic volatilities of hedge funds during 1996-2013....