Purpose This study aims to test the compensatory consumption theory with the explicit hypothesis that China's new-rich tend to waste relatively more food. Design/methodology/approach In this study, the authors use Heckman two-step probit model to empirically investigate the new-rich consumption...

Purpose - Political factors play a crucial role in China's initial public offering (IPO) market due to its distinctive institutional context (i.e. "economic decentralization" and "political centralization"). Given the significant level of IPO underpricing in China, we examine the impact of local...