Background: We investigated the determination of the pledged loan-to-value ratio in an optionpricing environment and mainly articulated the theoretical framework and analytical method. Methods: The basic idea is that the present value of the pledged loan payoff is equal to a put option's...

Purpose: This study aims to investigate the interactions between lean production, internal green practices, green product innovation and sustainable performance metrics. The study further looks at the mediation effect of internal green practices and green product innovation between lean...

Recent studies relating corporate environmental performance to financial performance has led to mixed results. The reasons for the inconsistency might be the choice of control variables and environmental performance measurement, etc. In addition, previous studies have been mainly focused on...

We examine the financial health and performance of reverse mergers (RMs) that became active on U.S. stock markets between 2001 and 2010, particularly those from China (around 85% of all foreign RMs). As a group, RMs are early-stage companies that typically trade over-the-counter. Chinese RMs...

We propose a unified framework to model the effects of implicit government guarantees on bond value. Implicit guarantees improve the value of highly rated corporate bonds through lowering the default probability of such bonds, serving the role of solvency protection. Additionally, guarantees...

This study examines management of operating cash flows, its causes, and the market's reaction to such management. Applying a Burgstahler and Dichev (1997)/Degeorge et al. (1999) type methodology and the best-fitted distribution method, I find indications that managers take actions to report...

Prior research shows that SEC comment letters provide useful information to outsiders of the firm. However, whether insiders such as boards of directors use SEC comment letters for the purpose of internal performance evaluation has not been studied. We find that firms reduce CEO annual bonuses...