This paper introduces a second-order differentiability smoothing technique to the classical l <Subscript>1</Subscript> exact penalty function for constrained optimization problems(COP). Error estimations among the optimal objective values of the nonsmooth penalty problem, the smoothed penalty problem and the original...</subscript>

We use a setting of overlapping conference calls, which is when multiple calls occur at the same time for firms covered by the same analyst, to examine analysts’ limited attention on managers’ voluntary disclosure choices. We first confirm that analysts have a lower participation rate during...

This study examines whether and how climate threats (droughts) affect the innovation activities of firms in food industries around the world. We find that firms in countries with a less positive Palmer Drought Severity Index (PDSI), i.e., more drought-like conditions, file more patents and that...