We examine the effects of the world's first comply-or-explain dividend regulation in China's Shanghai Stock Exchange, which requires firms to either pay at least 30% of profits as dividends or explain the use of funds. We find that many firms increased their payout ratio to comply, by increasing...

How does access to the public equity market affect firms’ environmental externality? We answer this question by examining the use of toxic chemicals by hydraulic fracturing (HF) operators in their drilling and fracturing operations. Using data from 69,070 wells and a difference-in-differences...

E-commerce giants such as Amazon, Alibaba, and JD have recently entered offline retail by serving as suppliers for bricks-and-mortar stores to expand the stores' product offerings. Such product empowerment of offline retailers creates a superior shopping experience for consumers as they can take...

Slightly subcooled flow boiling is an important part of subcooled flow boiling in which bubbles start to detach from the wall and the void fraction experiences a rapid increase due to the sufficiently low liquid subcooling. Currently, the predicting of this process mainly relies on numerical...

This study examines whether and how brokers manage the distribution of their stock recommendations. We document that in a quarter if a broker’s percentage of buy recommendations in the first two months is substantially higher than the historical average, the broker issues significantly fewer...

Using a large sample of firms from 45 countries, we find that firms in countries with high climate risk reduce their cash dividends but increasingly use share repurchases to make payouts. The evidence suggests that firms substitute dividends with repurchases to increase their payout flexibility...

This study investigates the impact of foreign investors on the informational efficiency of stock prices in local markets. Using a large sample of Japanese firms over the period 1976 to 2008, we find that prices deviate less from a random walk for stocks with a large change in foreign ownership....