We find that large shareholders of Moody's (affiliated investors) abnormally decrease their stock ownerships in a firm before its downgrade by Moody's. This finding is stronger for informationally opaque stocks and active affiliated investors, significant only after Moody's initial public...

This study investigates the lead–lag relationships of volatility among European stock markets. Using weakly realized variance measures, we examine volatility spillover dynamics between the UK and other major stock markets in Europe, thereby identifying a long-run leading role for the UK market...

We propose a Capital Asset Pricing Model where investors exhibit prospect preferences. In equilibrium, we find that agents seek an optimal trade-off between expected returns, variance, and skewness. All assets in the economy are then priced by a three-factor model, which augments the security...

Stretchable organic solar cells are promising wearable power generators. Here, we synthesize a series of bithienyl-benzodithiophene- alt -fluorobenzotriazole copolymer (PBZ-2Si) with siloxane-terminated side chains, and compare with J52 analogues to investigate side chain effects on the...

Using panel data from 30 regions in China during the period 1999:01-2020:12, this paper evaluates the effects of national fundamentals affecting the movement of regional house prices by estimating a factor-augmented VAR model. We construct and examine a hypothesis that national fundamentals...

The existing literature has studied the impact of decision-making power allocation on resource allocation performance in business groups, but has not paid attention to the influencing factors of decision-making power allocation. The parent company of a business group has dual relationships of...

Comprehending the response of microbial communities in rivers along urbanization gradients to hydrologic characteristics and pollution sources is critical for effective watershed management. However, the effects of complex factors on riverine microbial communities remain poorly understood. Thus,...

In China, large lakes and reservoirs usually span several administrative areas; therefore, they are co-managed by many government agencies. Such segmented governance generates a ``Tragedy of the Commons'' type problem, under which water bodies with more administrative areas involved tend to be...