This paper analyses the constant elasticity of volatility (CEV) model suggested by [6]. The CEV model without mean reversion is shown to be the inverse Box-Cox transformation of integrated processes asymptotically. It is demonstrated that the maximum likelihood estimator of the power parameter...

Using a sample of 236 UK companies that went from public to private (PTP) company status during 1997 to 2005 and a control sample of similar firms not going private, we study, with logistic regression methodology, the impact of bankruptcy risk measured by their default probability, estimated...

We empirically investigate the impact of a proxy threat on corporate policies and find that the credibility of a proxy threat encourages incumbent managers to pursue more leveraged, more dividend paying, and less acquisitive policies. We provide the first evidence that the disciplinary effects...

Given the frequency and its important value implication of post-IPO M&A activity, we investigate empirically whether investors can utilize information based on IPO deal structure to predict merger and acquisition activity among newly public firms. Consistent with the hypothesis that some firms...

We evaluate the link between CEO industry tournament incentives (ITI) and the product market benefits of corporate liquidity. We find that ITI increase the level and marginal value of cash holdings. Furthermore, ITI strengthen the relation between excess cash and market share gains especially...

We provide insights into how the market processes going concern audit opinions based on the trading of some well-documented sophisticated investors—short sellers. We find that abnormal short selling increases significantly upon impending going concern disclosures. While prior literature...

We study the propagation of corporate disclosure policy choices across firms connected by common analysts. We find strong similarities in disclosure policies among firms that share common analysts. We show that these similarities are attributable to both analyst coverage initiation decisions and...

A digital landslide database has been created for Sichuan province, where a magnitude 8.0 earthquake at 2:28 p.m. on May 12, 2008, to provide the authorities and scientific communities with a tool for landslide risk assessment, emergency management, land-use planning, development of early...

Based on the survey of 154 farmers in Guiyang City, we analyze the basic situation of building of grass-roots agricultural technology extension system in Guiyang City. Then we point out some problems in the building of grass-roots agricultural technology extension system in Guiyang City: the...