Earnings announcements present a clear risk to investors and, under rational asset pricing theory, such risk should be consistently priced in stocks. However, we find that stocks with high earnings announcement risk earn significantly higher returns only during months when firms have earnings or...

Using a comprehensive dataset of all medium and large enterprises in China between 2001 and 2007, we show that industrial policies plays contradictory role in China's economic growth: it significantly improve productivity at firm level, but has no significant or even negative effect on...

This study examines the dynamics of asset pricing around macroeconomic news announcements. Prior literature documents a significantly positive implied and realized market premia on macroeconomic announcement days. I investigate the days before and after announcements and find a significant swing...

Two-dimensional lamellar membranes featuring well-defined nanochannels hold great promise for efficient organics separation. However, the extensively existed microdefects within laminate architecture greatly impair separation efficiency and structure stability of membranes. Herein, defect-free...

Despite great progresses in the development of lamellar membranes with homostructured nanochannels, breaking the symmetry of nanochannels may induce a variety of fascinating behaviors. Here, lamellar membranes with hydrophilic/hydrophobic heterostructured nanochannels are constructed by...

In this paper, we offer evidence that disclosure of corporate social responsibility (CSR) in the 10-K provides information about firms' competitive advantages. We create a textual measure of CSR disclosure that aggregates CSR keywords found in 10-Ks. We measure firms' competitive advantages by...

This study investigates the effects on initial public offering (IPO) outcomes of the existence and type of financial expertise of chief executive officers (CEOs) and chief financial officers (CFOs) serving on their own IPO firms' boards. For brevity we refer to these executives as executive...

We find that accounting charges for goodwill impairment, which imply a deterioration in the capabilities of acquired assets to generate expected cash flows, provide useful indicators of CEO underperformance. We examine 5,990 firms that completed acquisitions and investigate the relation between...

This study examines Big N auditors' client risk management strategy in response to the risk of upward (i.e., income-increasing) earnings management in the post-SOX era. Specifically, we empirically study the relation between clients' signed discretionary accruals and subsequent audit pricing and...

Underweight and obesity are associated with adverse health outcomes throughout the life course. We estimated the individual and combined prevalence of underweight or thinness and obesity, and their changes, from 1990 to 2022 for adults and school-aged children and adolescents in 200 countries...