We examine whether pay differentials between the chief executive officer (CEO) and vice presidents (VPs) can be explained by firms’ strategic priorities. We find that firms that pursue prospector-type strategies have a larger CEO−VP difference in equity compensation. We argue that such a pay...

We examine the impact of social trust on commercial loan grants and the default risk of regional commercial banks in China. Using exogenous shocks arising from bank branch deregulation in 2009 and re-regulation in 2013, we find that social trust moderates the effect of bank regulation changes on...

Motivated by the challenge in the director turnover literature to distinguish between board-initiated dismissals (i.e., ‘clean house’) and director-initiated departures (i.e., ‘jump ship’), we study director turnover in firms local to terrorist attacks (hereafter, TA firms). We argue...

Asymptotics plays a crucial role in statistics. The theory of asymptotic consistency of Bayesian nonparametric procedures has been developed by many authors, including Schwartz (1965), Barron, Schervish and Wasserman (1999), Ghosal, Ghosh and Ramamoorthi (1999), Ghosal, Ghosh and van der Vaart...

Existing energy intensive aerobic processes used for nitrogen removal currently do not capture this important resource. Instead, nitrogen capture in the form of ammonia using a lower energy technology such as membrane distillation; so far mostly tested in lab-scale, could be a significant...