We develop two novel approaches to solving for the Laplace transform of a time-changed stochastic process. We discard the standard assumption that the background process (X_t) is Levy. Maintaining the assumption that the business clock (T_t) and the background process are independent, we develop...

By using the data of Chinese firms with the state ownership structure, we examine whether institutional investors can help reduce the required return of equity for state-owned enterprises (SOEs) and non-SOEs. We find that an increase in the shareholdings of institutions especially independent...

Grounded in the institutional theory and impressive management theory, this study establishes a link between star CEOs and environmental, social, and governance (ESG) performance. We first find that star CEOs are positively related to ESG performance and star CEOs related to the central...