We provide evidence that discretionary loan loss provisions (DLLP) convey value-relevant information to the market that is highly dependent upon the state of the economy. DLLP is associated with negative abnormal returns during bad economic states characterized by growing default concerns, but...

Patented knowledge capital improves transparency of research and development expenditures, converts intangible intellectual property into collateralizable and salable assets, enhances sustained competitive advantage, and lowers future financing risk and growth uncertainties. We conjecture and...

Studies in social sciences suggest that a normative commitment to stable, biological married life is a potent catalyst for inculcating and nourishing prosocial values, preferences and behaviors among family members. Extrapolating from this literature, we investigate whether firms led by married...

This research examines the relations between government economic policy uncertainty and firm cash holdings and the value of cash. We find robust evidence that policy uncertainty is positively related to corporate cash holdings due to firms' precautionary motives and investment delays. Policy...

This paper finds the Stock Connect Program of 2014 and the 2018 trade fights between China and the U.S. exacerbate regulatory policy uncertainty, amplify positive gaps in price and trading volume of dual-listed A-H stocks in Shanghai and Hong Kong stock exchanges, and dampen the associated...

Motivated by a large literature on how firm-specific resources (such as leadership and management skills, strategies, organizational capabilities and intellectual properties) drive firm performance, we propose and find that heterogeneity in investor optimism regarding firm-specific attributes...

The length of time it takes an IPO firm to go public (called “waiting period”) reflects multiple layers of scrutiny from underwriters, auditors, venture capitalists, institutional investors, and regulators. Accordingly, we show that the waiting period is a good barometer of ex ante...

Do threats of pharmaceutical price regulation affect subsequent Ramp;D spending? This study uses the Clinton Administration's Health Security Act (HSA) of 1993 as a natural experiment to study this issue. We link events surrounding the HSA to pharmaceutical stock price changes and then examine...