This book aims to analyze how China's firms in the consumer electronics (CE) sector have developed their business strategy and corporate governance during the reform process. This book examines the CE sector in particular because it is one of the country's most important and dynamic...

Recent studies document that market participants react positively to the positive language sentiment or tone embedded in financial disclosures, and that investors' reactions to negative news are more muted with poor disclosure readability. However, while language sentiment and readability...

We conduct two experiments with experienced accountants to investigate how fair value accounting affects managers' real economic decisions. In Experiment 1, we find that participants are more likely to make sub-optimal decisions (e.g., forgo economically sound hedging opportunities) when...

We conduct an experiment to examine the effects of guidance frequency (frequent versus infrequent) and guidance goal (accuracy versus meet/beat versus truthful) on managers' operating decisions. We find that frequent guiders sacrifice total earnings for quarterly earnings predictability...

We investigate the economic empowerment of founders’ wives in public Chinese family firms. We show that female cofounders hold higher voting rights when their firms are headquartered in regions where gender stereotypes rooted in local social norms are less prevalent. We also find that firms...

This paper analyzes the relation between ownership concentration and corporate bond volatility. We show that increased ownership concentration is associated with higher volatility of corporate bonds. This relation is stronger among more illiquid bonds, during periods of heightened bond market...

Utilizing VAR-DCC-MVGARCH model and volatility spillover index, we examine international spillovers and spillbacks between SMICs and the U.S. Results show that SMICs and the U.S. present dynamic and asymmetric volatility spillovers and spillbacks during and beyond financial crisis. The effects...

This paper examines the impacts of borrowers' discouragement, self-perceived discrimination to apply for bank financing and appetite for risk-taking on preferences for external financing amongst ethnic minority businesses (EMBs) in the UK. Our results suggest three main reasons for borrower...