A well-documented finding is that explicitly using jumps cannot efficiently enhance the predictability of crude oil price volatility. To address this issue, we find a phenomenon, "momentum of jumps" (MoJ), that the predictive ability of the jump component is persistent when forecasting the oil...

This paper applies a model in real option framework to analyze the impacts of controlling shareholder's share pledging on corporate investment timing and valuation. Theoretical model indicates that the optimal investment timing shows an inverted U-shape with pledge ratio, and better investor...

This paper develops a trade-off model to investigate the motivations of share pledges and their influencing factors by examining the large controlling shareholders' (L) share pledges and share trading strategies in maximizing wealth utility. We find that L's pledge motivations are responsive to...

This paper provides the first analysis of controlling shareholder's tradeoff between share pledging and share trading in the presence of costly work effort. We develop a model in which engaging effort in share pledging simultaneously affects the firm's payoff. Theoretical predictions indicate...

Much empirical research on the timeliness of earnings announcements presents evidence for the good news early, bad news late rule. This paper goes further by dividing an individual firm's news content into two parts - unexpected earnings in relation to the previous year (news A) and unexpected...

In this study, we examine the effect and mechanism of attention to climate change on corporate green innovation. We find that green innovation strengthens with more attention to climate change. In addition, the more green pressure that enterprises face and the more resources they have, the more...

We compare the sensitivity of managerial cash compensation to firm performance, the level of long term managerial incentives, and the sensitivity of CEO turnover to firm performance for three types of state-controlled Chinese firms: A shares (firms incorporated and listed in mainland China), H...

Forecasting oil prices has been of great interests for macroeconomists in the recent years. Our article contributes to this strand of the literature by using a dynamic model averaging (DMA) method to improve forecasting accuracy of real oil prices. The advantage of DMA is that the method...