We consider licensing with a patent competition for a non-drastic process innovation among firms competing in a Cournot market. We study whether licensing improves social welfare, after taking rent dissipation into account. For licensing auction, welfare worsens for minor innovations and...

In this study we analyze the impact of a regulatory change in disclosure on private in-house meetings on stock liquidity. In July 2012, the Shenzhen Stock Exchange (SZSE) in China required that all listed firms publish a summary report for each in-house meeting within two working days of the...

We study how climate risk shapes financial-reporting conservatism with data collected from 47 countries, and document that firms facing more extreme weather conditions use less unconditional conservatism but more conditional conservatism in financial reporting. Furthermore, such impacts of...