This paper examines whether customer base composition in the U.S., i.e., whether a firm's major customers comprise of government entities or publicly traded companies, affects the properties of supplier's management earnings forecasts. Using a sample of 1,168 management earnings forecasts from...

We introduce learning into the hedge fund managers’ risk choice problem with imperfect information. We find that with a constant but unobserved expected return on investment, learning induces managers to take more risks and increases manager compensation. When the return is stochastic,...

Individual’s time preference may be influenced by a variety of factors such as economic conditions. In this paper, we consider the time inconsistent preference triggered by the switches of firm’s profitability state and apply it to the model of dynamic agency and the q theory of investment....

We explore the tweeting behavior of S&P 1500 firms’ executives (CEOs and CFOs) and its market consequences during the period of 2011 to 2018. We document that executives tweet financial information related to their firms and time these tweets to firms’ major events, and that investors...

This paper incorporates model ambiguity into the traditional hedge fund models to explore how ambiguity influences the manager's investment strategy, risk attitude and compensation structure. We find the manager is ambiguity aversion. Model ambiguity enhances her level of endogenous risk...

This study explored the role of light wavelengths in regulating granules formation, protein and lipid production, and microbial functions. Bacterial granular sludge (BGS, R0) was most conducive to forming algal-bacterial granules sludge under blue (R2) light with highest chlorophyll a (10.2...