Improper disposal of electronical waste (e-waste) causes harm to both public health and the environment, and how to effectively recycle and reduce electronical waste has become a common concern around the world. This study focuses on the design of the points system to encourage consumer...

We find that corporate social responsibility (CSR) is an effective reputation enhancing mechanism for audit firms. Audit firms that engage in CSR increase the size of their client base compared to audit firms that do not engage in CSR. This result is robust to audit firm fixed effects as well as...

This study examines whether auditors’ evaluation and report of firms’ internal control over financial reporting (ICFR) affects firm operational efficiency. Prior research indicates that the strength of internal controls is positively associated with economic benefits. However,...

This paper takes a new approach to examine whether investors extrapolate from past returns to form expectations about future stock returns. Unlike prior research that relies on experiments or surveys to derive investors' expectations, we estimate expected returns directly from stock prices, the...

We provide empirical support for the conventional wisdom that there are times when optimistic investors tend to build their hopes into castles in the air, and pay a large premium over intrinsic value for stocks of firms in the early stages of their life cycles with perceived growth...

We provide novel evidence supporting the view that stock prices of some firms in the early growth stage of their life cycle are set by optimistic investors fixated on sales growth. We identify these firms as those that went public during an industry IPO waves, had high sales growths but low...

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 1975 to 2008, we find that prices deviate less from a random walk for stocks with a large change in foreign ownership....