Based on a sample of 539 angel investors, we empirically test the impact of new ventures resource acquisition/allocation strategies in different development stages on angels abnormal returns and their extremeness. Our exploratory findings suggest that at early stages of development, ventures...

This study explores how the ethnicity of small business owners affects the influences of family ownership on their willingness to borrow. While the willingness issue is fundamental in the literature on small business debt financing, it has been understudied. We introduce an indirect measure of...

Purpose: The purpose of this paper is to introduce an augmented high-order capital asset pricing model (AH-CAPM) as a new risk-based model to price stocks. Design/methodology/approach: The AH-CAPM is defined as a linear model with high-order marginal moments and co-moments from the joint...

This paper examines the rationality of the residential housing market. We adopt a proprietary dataset covering China's first-tier cities from 2009 to 2016 that consists of project-level rents and repeated selling prices and identify investors' “underreaction” phenomenon to the cash flow...

Some U.S. local governments are leveraging public procurement to meet their sustainability goals. However, does the simultaneous pursuit of multiple sustainability objectives potentially slow down the speed of procurement processes? We suggest that the simultaneous pursuit of multiple...

We investigate the value-growth premium puzzle by merging insights from urban economics and finance that relate firm location to its stock performance. The value-growth premium in locations with high historical house price appreciation is 3.6% larger per year than the premium in areas that...