Showing 1 - 10 of 105
A field of research that attracts increasing attention from scholars is the impact of the information environment on corporate innovation. In this article, I review the research from three points of view in relation to the information environment: (i) managers' voluntary disclosure, (ii)...
Persistent link: https://www.econbiz.de/10012062639
This paper presents new evidence on international financial market integration using stock analyst earnings forecasts from 37 countries. By examining cash flow and discount rate news co-movements, we find that the financial and economic aspects of global market integration have diverged over...
Persistent link: https://www.econbiz.de/10012320303
Air pollution is a growing hazard to human health. This study examines whether air pollution affects the formation of corporate human capital and thereby firm performance. We find that people exhibit an intention to look for jobs in less polluted areas when air pollution is high in their...
Persistent link: https://www.econbiz.de/10012846677
We study the role of state controlling shareholders in corporate payout policy. We exploit as an exogenous event the State Capital Operation Program in China under which parent central state-owned enterprises (parent CSOEs) are required to partially contribute their income to a fiscal fund. We...
Persistent link: https://www.econbiz.de/10012849064
We show that firms strategically alter their disclosure strategy when investors' access to information via search engines is interrupted. We conduct a textual analysis and exploit an exogenous event—Google's 2010 surprising withdrawal from mainland China, which significantly hampered domestic...
Persistent link: https://www.econbiz.de/10012853295
We examine the effect of media coverage on firm innovation. Using a comprehensive sample of corporate news coverage and patenting activities over the period from 2000 to 2012, we find a negative relation between media coverage and firm innovation. We further document the two offsetting economic...
Persistent link: https://www.econbiz.de/10012853743
Innovation is a contract intensive economic activity in a world of incomplete contracts. We show that trust mitigates incomplete contracting and enhances innovation by acting as an informal contracting mechanism. Trust plays an especially important role when formal laws and regulations are...
Persistent link: https://www.econbiz.de/10012854198
We show that global political uncertainty, measured by the U.S. election cycle, on average, leads to a fall in equity returns in fifty non-U.S. countries. At the same time, market volatilities rise, local currencies depreciate, and sovereign bond returns increase. The effect of global political...
Persistent link: https://www.econbiz.de/10012856549
This paper investigates the impact of higher education on corporate innovation. To establish causality, we exploit a policy-induced exogenous shock in the supply of Chinese college-educated labor starting in 2003. Using a difference-in-differences approach, we find that Chinese firms in skilled...
Persistent link: https://www.econbiz.de/10012829939
This paper investigates how eXtensible Business Reporting Language (XBRL) adoption affects the information advantage of local investors relative to their non-local counterparts. By employing the recent staggered SEC mandates of XBRL as a natural shock, we show that institutional investors' local...
Persistent link: https://www.econbiz.de/10012831329