Using hand-collected geographic location data of both blockholders and subsidiaries of all publicly listed firms in China from 2003 to 2019, this paper examines the impact of non-local blockholders (NLBs) on cross-regional investment of firms. We propose that NLBs with information advantage and...

This paper studies the stability of communication protocols that deal with transmission errors. We consider a coordination game between an informed sender and an uninformed decision maker, the receiver, who communicate over a noisy channel. The sender's strategy, called a code, maps states of...

A basic model of commitment is to convert a two-player game in strategic form to a leadership game with the same payoffs, where one player, the leader, commits to a strategy, to which the second player always chooses a best reply. This paper studies such leadership games for games with convex...

A basic model of commitment is to convert a two-player game in strategic form to a “leadership game” with the same payoffs, where one player, the leader, commits to a strategy, to which the second player always chooses a best reply. This paper studies such leadership games for games with...

This paper compares the leader and follower payoff in a duopoly game, as they arise in sequential play, with the Nash payoff in simultaneous play. If the game is symmetric, has a unique symmetric Nash equilibrium, and players' payoffs are monotonic in the opponent's choice along their own best...

Over the past three decades, data quality/ information quality (DQ/ IQ) is emerging into a possible distinct discipline. As the research overlaps with other disciplines or research fields such as IS, Marketing, Computing Science, etc., it is important to identify the core characteristics of...

Financial markets are typically characterized by high (low) price level and low (high) volatility during boom (bust) periods, suggesting that price and volatility tend to move together with different market conditions/states. By proposing a simple heterogeneous agent model of fundamentalists and...

Lai and Wang's (1996) work suggests that under most circumstances, property valuation based on Vandell's (1991) minimum-variance grid method is more accurate than the valuation based on a linear hedonic pricing model with its coefficients estimated using ordinary least squares technique. This...

This paper proposes a new measure of efficient price as a weighted average of bid and ask prices, where the weights are constructed from the bid-ask long-run relationships in a panel error-correction model (ECM). To allow for heterogeneity in the long-run relationships, we consider a panel ECM...