In this paper, we study detailed financial forecasts provided by entrepreneurs who seek funds via equity-based crowdfunding on a leading U.K. platform. We investigate: 1) what forecast signals investors react to; 2) whether investors can filter out the optimistic bias in forecasts; and 3)...

This paper explores Securities and Exchange Commission comment letters that address firms' use of non-Generally Accepted Accounting Principles (GAAP) measures in 10-Ks, 10-Qs, and earnings releases. We investigate the determinants of firms' receiving non-GAAP comments and the revisions to...

Rule compliance is an important way to achieve and sustain cooperation in large-scale societies. In this study, we investigate the impact of social identity on rule following behavior. First, using large-scale traffic violation data from a major city in China, we empirically showed that traffic...

This paper examines the severity of comment letters on annual reports in an emerging market. The literature has exclusively focused on the U.S. Securities Exchange and Commission (SEC) comment letters, although many other market regulators also use SEC-style comment letters as a public...

Purpose - The stock exchanges in China assess firms' disclosure quality annually according to a grading sheet. The grading sheet evaluates mandatory and voluntary disclosures, investor relations, and compliance with and violations of securities laws; some items are publicly observable, others...

This study tests how different types of government funding affect the recovery of zombie enterprises in the manufacturing sector of China. The results show that funding for production and innovation can revive zombie enterprises in expanding industries, while funding for interest cannot....

This study tests how different types of government funding affect the recovery of zombie enterprises in the manufacturing sector of China. The results show that funding for production and innovation can revive zombie enterprises in expanding industries, while funding for interest cannot....

Carbon peak and carbon neutrality (dual-carbon) are important targets for the international response to climate change. The Silk Road Economic Belt is a strategic resource region and is important for future ecological environment and tourism development. Based on the "dual-carbon" targets, the...

Synergistic carbon emission reduction at the urban scale is an inherent requirement for China to realize its carbon emission reduction commitments and promote sustainable and regional synergistic development. Using 16 prefectural cities in Shandong Province as an example, this study defines and...

We examine the causes and consequences of “say-on-pay” votes mandated by the Dodd-Frank Act of 2010. We hypothesize and find that shareholder disapproval increases with the amount of total and abnormal compensation, decreases with the number of pay-restraining provisions, and decreases with...