For strategic and competitive insights, this study measures and benchmarks the comparative operating efficiencies of insurance companies in Taiwan and mainland China. We employ the two-stage DEA with the bootstrapped truncated regression approach to examine the overall efficiency of insurance...

In order to decrease the detrimental effects from global warming, the European Union (EU) has started to control CO2 emissions by allocating CO2 emission allowances to 25 member states. In this study we are interested about the effects of CO2 emission allowance on environmental efficiency,...

This paper applies a four-stage data envelopment analysis (DEA) approach proposed by Fried et al. (1999) to measure the operational environment-adjusted efficiency of sixty mutual funds in Taiwan from 2006 to 2010. We adopt the approach for adjusting negative output as suggested by Lovell and...

This paper measures the metafrontier total-factor energy efficiency (TFEE) of 47 regions in Japan for the period 1996–2008, using the stochastic frontier analysis (SFA). The two-step output-oriented SFA approach by Huang et al. (J Prod Anal 42:241–254, 2014) is followed but converted into a...

Building on the investment-based asset pricing framework, we show that firms’ ability to timely scale down their operations reduces the sensitivity of their equity value to large adverse productivity shocks. Using U.S. data in the times of the COVID-19 pandemic, we provide empirical evidence...

We study a novel mechanism through which real options play a prominent role in inducing the skewness of stock returns. Building on the investment-based asset pricing framework, we show that firms’ real options to contract (expand) their businesses when productivity is low (high) can increase...

This study investigates whether reliance on monetary donations alters nonprofit firms' behaviors. Specifically, in the hospice industry, shortening patients' length of stay (LOS) speeds turnover, allowing a hospice to serve more patients and expand its donation network. We measure hospices'...

Resale of used products may shrink the new-product market and create the cannibalization problem. This problem is exacerbated in the digital goods market because copies of digital goods can be perfect substitutes of the original. Many digital goods/service producers take advantage of technology...

Live-streaming advertising in e-commerce is soaring. Both Amazon and Alibaba have employedthis novel marketing model to engage consumers by sequentially exhibiting differentproducts through live-streaming videos. In this paper we adopt a mechanism design frameworkto model live-streaming...