Using the regulation-induced initial public offering (IPO) suspensions in China as shocks that distract venture capitalists (VCs) from their other portfolio companies because they must pay attention to the suspended firms, we identify the reduced impact of their monitoring role on other...

This paper examines the relation between audit market competition and audit quality. We use the staggered introduction of bullet trains in China as shocks to travel time between audit clients and prospective audit firms, which increases the threat of competition for incumbent audit firms. Using...

We examine how ownership by couples affects risk taking in family firms. We find that firms co-owned by couples exhibit significantly lower stock return volatility. This result is robust to a difference-in-differences approach based on a smaller sample and an instrumental variable approach....

The China Securities Regulatory Commission (CSRC) has randomly selected two audit firms each year to check their problems in management and internal control since 2016. Using the random inspections from 2016 to 2018, we construct a staggered DID model and find that the possibility of audit firms...

The terrestrial ecosystem is the largest carbon pool in the world, and it is crucial to achieve China’s carbon neutrality goal by effectively removing carbon dioxide from the atmosphere. This study used provincial panel data from 2004 to 2020 and a spatial Durbin model to explore the...

Prior studies have documented the influences of the cultural values of collectivism and high power distance on creativity and innovation. However, despite the extensive body of upper echelons literature on how CEOs’ prior experiences affect firm behavior, we know little about how executives’...

Using acquirer’s risk-factor disclosure in merger filings, we study the risks faced by acquirers in mergers and acquisitions and how these risks are associated with important merger outcomes. We first establish the validity of acquirer’s risk factor disclosure, and then employ an...