The selection criteria for the traditional momentum strategy do not take into account that the tails of security returns follow a power-law distribution and most of them assign equal weights to the winner and loser portfolios. With the help of fractal theory, we construct a fractal momentum...

We use the unique economic, legal, and political landscape of China to examine the impact of auditors on the incidence and consequences of accounting fraud. In particular, we examine whether large audit firms reduce the incidence of financial statement fraud in China, an emerging market in which...

Use of accounting information to assess a firm's value is a very important subject for financial analysts, investors, lenders, policy-makers, and other market participants. This study compares the relative performance of three valuation models based on a sample of all relevant American...

The controlling shareholder of a firm may suffer from its control of the firm due to unfavorable market reactions associated with concerns on his private benefit extraction. Thus, the controlling shareholder has an incentive to build a good governance mechanism as a commitment device to...

Does government control reduce firm value? A strong government control helps the government to extract social or political benefits from a state-controlled firm, thus decreases its value; but it also makes it more effective for the government to monitor the firm management, thus increases its...

Brand associations affect image and one source of brand association is a company's reputation. While the relationship between a positive corporate reputation and operational performance is intuitively appealing, there has been relatively little empirical research. This study, using a...

Climate change has significant impacts on economy because the carbon emission, which plays an important role in climate risk, can rise the temperature with the rate never seen before leads to enormous uncertainty in the long term. This paper proposed a novel measure termed the carbon adjusted...