Executive turnover is important in the governance of state-owned enterprises (SOEs). Herein, we focus on the executive turnover of China's SOEs, and the implementation of related evaluation mechanisms under different levels of government intervention. We collect executive turnover data of listed...

We extend the constant-elasticity regression that is the default choice when equities' exposure to currencies is estimated. In a proper real-option-style model for the exporters' equity exposure to the foreign exchange rate, we argue, the convexity of the relationship implies that the elasticity...

A principal has n homogeneous objects to allocate to I n agents. The principal can allocate at most one good to an agent and each agent values the good. Agents have private information about the principal's payoff of allocating the goods. There are no monetary transfers but the principal can...

Prior work variously ascribes the forward puzzle the low slope in the Fama (1984) regression of the exchange rate change on the forward premium to various model misspecifications or statistical problems with non-stationary forward premia, but no single theory fully succeeds in explaining the...