Cross-holdings are created when a shareholder of one firm holds shares in other firms as well, and cross-holdings alter shareholder preferences over corporate decisions that affect those other firms. Prior evidence suggests that such cross-holdings explain the puzzle of why shareholders allow...

It is commonly believed that women are more likely to seek advice than men; for example, on aspects of health or asking for directions when lost. This paper investigates whether women’s relatively greater propensity for advice seeking extends to important business decisions, specifically those...

We study the link between timing of cash flows and expected returns in general equilibrium production economies. Standard neoclassical RBC models produce an upward-sloping term structure of equity returns. Our economy incorporates heterogeneous exposure to aggregate productivity shocks across...

With growing populations, the size of economies, and technological innovations, financial markets are increasingly becoming larger, more diverse, complicated, and volatile. Shocks from one market can propagate very quickly to other markets, as we saw with the global financial crisis (GFC) and...

We develop a continuous-time asset price model to capture the time series momentum documented recently. The underlying stochastic delay differential system facilitates the analysis of effects of different time horizons used by momentum trading. By studying an optimal asset allocation problem, we...

This paper presents a new route for biomass derived aviation fuel synthesis by catalytic conversion in aqueous phase. Furfural with the yield of 71% was produced by acid hydrolysis of raw corncob, and hydrogenated to 2-methylfuran with obtaining the yield of 89% over Raney Ni catalyst, both of...

We introduce a heterogeneous agent asset pricing model in continuous-time to show that, although trend chasing, switching and herding all contribute to market volatility in price and return and to volatility clustering, their impacts are different. The fluctuations of the market price and return...

book-to-market sorted portfolios.

type="main" <title type="main">ABSTRACT</title> <p>Using a large and unique patent-merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological...</p>

The effect of Ni/Mg mole ratio of Ni–MgO/γ-Al2O3 cordierite monolithic catalysts on dry reforming of model biomass fuel gas(H2/CO/C2H4/CH4/CO2/N2=16.0/12.1/2.5/15.1/22.0/32.3, vol.%) was investigated in a lab-scale stainless steel tubular reactor. The results showed that CH4 and CO2...