We empirically analyze the rationale for adopting anti-takeover provisions (ATPs) by examining how ATPs affect corporate spin-offs. We find that firms protected by more ATPs before spin-offs have higher abnormal announcement returns and greater improvement in post-spin-off operating performance...

We examine corporate payout policy in dual-class firms. The expropriation hypothesis predicts that dual-class firms pay out less to shareholders because entrenched managers want to maximize the value of assets under control and the associated private benefits. The pre-commitment hypothesis...

To what extent conflicts of interest affect the investment value of sell-side analyst research is an ongoing debate. We approach this issue from a new direction by investigating how asset-management divisions of investment banks use stock recommendations issued by their own analysts. Based on...

We analyze the relation between antitakeover provisions (ATPs) and the performance of spin-off firms. We find that firms protected by more ATPs before spin-offs have higher abnormal announcement returns and greater improvements in post-spin-off operating performance than firms with fewer ATPs....

Livestock wastewater is a major source of agricultural non-point pollution. Land treatment system is appropriate for livestock sewage treatment due to its low construction cost and high treatment performance. In this study, a garden land infiltration system (GLIS) was established to treat dairy...

When we implement a portfolio selection methodology under a mean-risk formulation, it is essential to correctly model investors' risk aversion which may be time-dependent, or even state-dependent during the investment procedure. In this paper, we propose a behavior risk aversion model, which is...