This study extends the multi-asset model of Huang et al. (2017), who examine only two types of investors, by adding a new investor type with partial information on the correlation coefficient and re-explores the limited participation phenomenon under correlation ambiguity. We investigate whether...

This paper investigates the implication of correlation ambiguity to investor behavior, asset pricing and issuers' listing choices from a market microstructure perspective. We introduce two markets to a multi-asset model: Market A is transparent and Market B is opaque, or Market A with low and...

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 an alternative to traditional venture capital investment, crowdfunding has emerged as a novel method and potentially disruptive innovation for financing a variety of new entrepreneurial ventures without standard financial intermediaries. It is still unknown to scholars and people who use...

Taking the "Broadband China" programme as a quasi-natural experiment, we intend to explore the effect of information technology infrastructure (Hereinafter, ITI) on earnings management strategy. Our results show that with the office location city selected as the pilot city, the firm will...