We investigate whether CEOs' experiences of macroeconomic boom affect risk taking. We use the unique setting of economic conditions changed from Central Planning to Market Economy in China, which is an exogenous shock to early-life experience, as a natural experiment to test the impact on CEOs'...

National cultures significantly explain cross-country differences in the relation between asset growth and stock returns. Motivated by the notion that managers in individualistic and low uncertainty-avoiding cultures have a higher tendency to overinvest, this study aims to show that the negative...

Prior studies show that momentum is induced because investors underreact to information when anchored by the 52-week high (52WH). We propose that investors’ anchoring bias could vary over time and that the dynamic of the nearness to the 52WH better captures the tendency of investors’...

This study examines how the relationships between local governments and local enterprises moderate the effect of targeted monetary policies through different action-propagating mechanisms. First, we investigate the impact of monetary policies on enterprise investment in areas with different...

This paper examines whether government intervention plays an important role in determining corporate investment allocations and efficiency in China. We find that the government tends to intervene to promote corporate investment in fixed assets, equity in other state owned enterprises, and...

We study how cultural norms from overseas affect corporate transparency in developing economies and economies in transition. Using cultural background information on board directors, we document that corporations with directors with culture from overseas have greater corporate transparency....

We examined female executives and their impact on corporate financial policies including investment decisions, external financing, working capital management, and cost efficiency. We found that those female executives who are more risk averse invest less in expenditure investment decisions,...

This study examines the link between foreign business norms and corporate social responsibility (CSR) in China. Using the information of directors' foreign background, we find that firms which hire directors with social norms from overseas engage more in CSR, and specifically realize better...

We examine the female executives and their impact on corporate financial policies, including investment decision, external financing, quality of internal control and cost efficiency. We find that those female executives who are risk aversion invest less in expenditure investment decision and...

This study examines how the relationships between local governments and local enterprises moderate the effect of targeted monetary policies through different action-propagating mechanisms. First, we investigate the impact of monetary policies on enterprise investment in areas with different...