A research stream known as prospect theory describes how decision biases lead to results that differ from those predicted by classical utility theory (Kahneman and Tversky, 1979). Prospect theory hypothesizes that individuals will experience potential losses more intensely than potential gains,...

Abstract: This study examines publicly traded Chinese firms to identify their incentives to make investments to enhance the credibility of their financial disclosures. The results indicate that firms traded exclusively on the Mainland exchanges are more likely to employ auditors perceived as...

The paper presents a tax competition model in which local governments can use a wage tax or a land tax to finance public expenditure and compete for commuters. In this model the governments provide public capital goods that are considered a factor of production. Thus, an optimal combination of...

This paper introduces the computable general equilibrium (CGE) model into the comprehensive economic loss assessment due to rainstorm, using Beijing as an example. The article has constructed a regional storm disaster CGE model to measure the impacts made by rainstorm occurence on sectors and...