This paper studies how managerial compensation is shaped by the risk preference of shareholders. Firms with a large ownership held by "dual holders'' -- institutional investors that simultaneously hold equity and bonds of the company -- choose a less risk-inducing compensation structure....

In this paper, we explore the relationship between land policies and urbanization in the People's Republic of China (PRC). We analyze the land policies associated with urbanization, and summarize findings related to central and local government involvement in the process of urbanization. In...

We investigate the credit market's response via changes in credit default swap (CDS) spreads to management earnings forecasts and evaluate the importance of these forecasts relative to earnings news during the periods before and during the recent credit crisis. We document that credit markets...

This paper attempts to broaden the existing empirical literature on foreign direct investment by incorporating government expenditures (both investment in infrastructure and consumption) as well as tax, classical location factors, institutional factors that may hinder business investment (such...

We present a mechanism for reservations of bursty resources that is both truthful and robust. It consists of option contracts whose pricing structure induces users to reveal the true likelihoods that they will purchase a given resource. Users are also allowed to adjust their options as their...

The paradox of the slow diffusion of apparently cost-effective green housing has attracted increasing attention. Our model analysis provides some key points for understanding this paradox and focuses on factors that undermine the economic feasibility of green housing and hinder its adoption. The...

As a resource-allocation method, free competition is generally considered more efficient and fairer than binding assignment, yet individuals’ hedonic experiences in these different resource-allocation conditions are largely ignored. Using a minimalistic experimental simulation procedure, we...

This paper considers the implications of production externalities on organizational structure decisions and the design of optimal incentives for segment managers. It is assumed that the firm produces multiple products in multiple countries and that complementarities are present when managers are...

Grassroots leaders in peri-urban China are increasingly integrated into the bureaucracy but maintain their community ties, and for that reason are often recruited to broker land taking. Incomplete bureaucratization allows frontline cadres to act as both state agents and community members and can...

Chlorpyrifos (CPF) is an extensively used organophosphorus pesticide. Recently, it has attracted increasing attention due to environmental health problems caused by it. Although numerous studies have discovered the dechlorinated photoproduct of CPF, its structure and toxicity remain largely...