The average cash holdings of Chinese-listed firms decreased significantly after the split share structure reform in China, which specified a process that allowed previously nontradable shares held by controlling shareholders to be freely tradable on the exchanges. The reduction in cash holdings...

Equilibrium locations are analyzed in location-quantity games, in which firms acquire labor inputs through bilateral monopoly relations with independent labor union. We find that the pattern of locations varies as the transport rate increase in a linear city. In a circular city, firms locate...

Focusing on Asian Americans, Hawaiians, and Caucasians in Hawaii, this study contributes to the literature by examining (1) the geographical distributions of education in relation to self-rated general health at neighborhood levels, and (2) the individual variations in self-rated health by...

This paper studies a reliable joint inventory-location problem that optimizes facility locations, customer allocations, and inventory management decisions when facilities are subject to disruption risks (e.g., due to natural or man-made hazards). When a facility fails, its customers may be...

Using both a linear regression method and a probability-based method, we find that on average, analysts place larger than efficient weights on (i.e., they overweight) their private information when they forecast corporate earnings. We also find that analysts overweight more when issuing...

Banks are intrinsically fragile because of their role as liquidity providers. This results in under-provision of liquidity. We analyze the effect of government guarantees on the interconnection between banks' liquidity creation and likelihood of runs in a model of global games, where banks.and...

Recent research suggests that quantitative easing (QE) may affect a broad range of asset prices through a portfolio balance channel. Using novel security-level holding data of individual US mutual funds, we establish evidence that portfolio rebalancing occurred both within and across funds....