Equity in a home can serve as an important source of supplemental income in retirement. Reverse mortgages allow seniors to draw down equity without selling their home, and without a monthly mortgage payment. The most widely used reverse mortgage product is offered by Federal Housing...

This study examines the importance of sales executives in firms' disclosure policies. Our findings show that the fixed effects of sales executives are significant in explaining the properties of both revenue-related financial and non-financial disclosures after we control for economic...

Friedman's monetary theory suggests that the supply of money is constantly equal to the demand of money. Therefore, it cannot justify that inflation is indeed caused by over issuance of money. The root cause of inflation should be the short supply of a basket of goods. The weight of each goods...

Strategic alliance research has shown that national cultural similarity between partner firms has a positive influence on cross-border alliance formation and performance. Yet, cultural similarity can also give rise to in-group favoritism that leads partner firms of similar cultural backgrounds...

Using project-level data on changes in firms’ investments of IPO proceeds around deaths, term limits, and mandatory retirements of local politicians, this paper studies corporate investment as a novel channel of political activity. Following exogenous turnovers of provincial governors in...

We find that firms that act as product leaders (operational excellence) tend to make less (more) disclosures by offering more (less) no-answers and refusals to questions during earnings conference calls, consistent with product leaders withholding product-related information and operational...

Over the next few decades, the world will experience significant demographic shifts, with material fiscal implications. In many advanced and emerging market economies, aging populations will lead to higher spending on pensions and health care. Moreover, projected population dynamics will...