The influential work of Genesove and Mayer (2001) uses loss aversion theory to explain several puzzling behaviors in the housing market. In this study, we present an alternative theory, which does not require an asymmetric value function, to observe the same “loss aversion” behavior....

The influential work of Genesove and Mayer (2001) uses loss aversion theory to explain several puzzling behaviors in the housing market. In this paper, we present an alternative theory, which does not require an asymmetric value function to observe the same "loss aversion" behavior....

The US Green Building Council (USGBC) offers LEED certification for existing or new neighborhood developments that are in line with the new urbanism and smart growth concepts. We investigate whether LEED neighborhood certification 1) adds a premium to condo sales prices and 2) moderates the...

Non-point source water pollution mainly comes from farmland chemical fertilizers which has become an obstacle of agricultural sustainability and ecological health. As a public policy tool for assessing global ecological crisis and environmental pollution, ecological compensation is important for...

We model a home seller's pricing decision under a generally defined prospect value function. We show a simple disposition effect is caused by reference dependence, but it only exists when the agent is risk neutral. Diminishing sensitivity will lead to a two-way disposition effect by generating a...

This study examines the association between the political corruption of a local government and the readability of firms' annual reports. Based on a sample of 12,742 firm-year observations (for 2,369 unique firms) during the 2006-2014 period and the Gunning Fog Index as the primary measure of...

The US Green Building Council offers LEED certification for existing and new neighborhood developments that meet sustainable urban development standards. Features of sustainable urban development have been found to positively affect residential sales prices. We investigate whether the intangible...

Chief executive officers (CEOs) could use tax avoidance to reduce costs and hence increase firm profits. Nevertheless, the reputation of the firm could be harmed. Prior studies find that firms’ tax avoidance is associated with CEOs’ personality traits. We attempt to predict firms’...

This study examines the association between corporate site visits and visited firms’ financial reporting quality. Using a sample of publicly listed firms in China for the years 2009 through 2018 and four different measures of financial reporting quality, we find that firms receiving more site...