Owners of non-publicly-traded businesses who face significant external financing costs should have a hedging preference for financial assets whose returns are positively correlated with self-financing needs. If this effect is aggregated, expected returns on financial assets should correspond...

The fair value option (FVO) embedded in both SFAS 159 and IAS 39 was introduced to allow firms to reduce earnings volatility induced from mixed-measurement accounting. Fiechter (2011) finds a reduction in earnings volatility among IAS 39 FVO adopters. In contrast, we find that earnings...

We test for the presence of adverse selection among firms adopting the fair value option for liabilities (FVOL) embedded in SFAS 159. The FVOL is a controversial accounting choice because it allows firms to increase earnings when credit quality deteriorates. We find that firms with higher credit...

We examine reverse mergers (RMs) in the biotechnology industry and find that, when compared to initial public offerings (IPOs), RMs are smaller, have significantly lower market valuations relative to size, and generally invest less. We also find that RMs exhibit positive abnormal returns on the...

A triazine-based polymer hybrid carbonizing agent containing SiO2 (MCA-K-SiO2) was synthesized and used in combination with aluminum diethyl hypophosphite (AlPi) to improve the flame retardancy of thermoplastic polyester elastomer (TPEE). Using limited oxygen index, vertical combustion test,...

Electronic structure design to optimize the hydrogen adsorption/desorption balance on the catalysts plays a key role in improving the catalytic efficiency of the low-load Pt-based catalyst in the hydrogen evolution reaction (HER). In this study, we modulate the electronic structure of Pt...

Strategic petroleum reserve (SPR) plays an important role in ensuring energy security. China has launched the SPR in response to the potential oil shortage since 1970. The optimal scale of SPR has become a concern to policy makers. The paper adopts a computable general equilibrium (CGE) model to...

The integrated algal biorefinery (IABR) was deliberated as a feasible alternative to fossil fuels. After the processes of algae cultivation and pretreatment, the algae biomass with different carbohydrate/lipid contents is split into the carbohydrate process for producing fuel/chemicals and the...

The potent support from China’s government provides opportunities for the development of China’s photovoltaic and wind power industry and promotes China to become the largest renewable energy investor. Based on the data of 62 listed companies from 2007 to 2020, this paper builds fixed-effect...