This paper examines whether economic uncertainty increases executive turnover. The negative perception perspective and business change theory suggest that executives are more likely to leave their jobs during periods of corporate distress. However, the additive effects of internal and external...

As the pressure of supply-demand balance increases with the high penetration of renewable energy resources, it is widely accepted that demand side resources including air conditioners (ACs) play an important role in providing ancillary services to the grid. In this paper, air conditioning loads...

In this study, we show that changes in profitability predict a firm's stock returns and future profitability. We construct three horizon-based profitability changes, including short-, medium-, and long-term changes. We find that the predictive information for short-term changes in profitability...

This paper analyzes the influence of downside risk on defaultable bond returns. By introducing a defaultable bond-trading model, we show that the decline in market risk tolerance and information accuracy leads to trading loss under downside conditions. Our empirical analysis indicates that...