Tunnelling by large shareholders is a problem representative of ownership concentration. Large shareholders may interfere with a firm's information disclosure to support their tunnelling behaviour, causing a high stock price crash risk. Using listed companies in China from 2001 to 2019 as a...

We examine the impact of earnings management uncertainty (EMU) on bond yield spreads in China. In the process, we decompose the bond yield spread into liquidity and default yield spreads. The findings suggest that EMU primarily drives the default yield spread of a corporate bond and that its...

We examine the impact of institutional investor cross holding (IICH) on the cost of equity. The findings suggest that IICH firms have a lower cost of equity than non-IICH firms. We find that it is mainly IICH firms in the same industry that successfully reduce their cost of equity. Additional...

This paper examines the impact of firms' digital transformation on management earnings forecasts with a sample of Chinese firms. Using a deep learning model and textual analysis, we create a proxy for digital transformation based on the frequency of keywords related to digitization in firms'...

We examine the impact of managerial sentiment on analysts' following decisions and earnings forecast accuracy. By analyzing the textual tone of management discussion and analysis sections in annual reports to capture managerial sentiment, we find that when managerial sentiment is more positive,...

We use a difference-in-difference research design to examine the effect of an exogenous shock to a firm's R&D investment from Chinese regulations regarding technology exports revised in 2008. We document that these technology export restrictions (TERs) decrease a firm's R&D investment....

We investigate the impact of tax-related human capital (THC) on corporate financial reporting aggressiveness. Using the presence of former or current tax officers from tax authorities on a firm's board of directors as a proxy for THC, we find that firms with tax officer directors report their...

Clan culture, as an enduring traditional culture in China, has a profound impact on the internal governance and sustainable development of family firms. This study reveals a significant positive relationship between regional clan culture and the pay gap within family firms. This relationship is...

This study analyzes the impact of air pollution on the city in which customers are located on the trade credit strategy of their suppliers. Following the framework of environmental stress theory, we hypothesize that suppliers change their trade credit strategy to grant less trade credit to their...

Building energy data analysis is a major branch of smart city development research. The usual back propagation neural network model for building energy prediction has problems of unclear physical significance, poor data generalization and low fitting accuracy. Therefore, a composite prediction...