We examine the impact of managerial incentives on acquisitions in the banking industry. We find that banks whose CEOs have higher pay-for-performance sensitivity (PPS) are less likely to engage in value-reducing acquisitions. Conditional on engaging in acquisitions, those higher-PPS banks have...

This paper examines the effects of bank loans, loans from non-bank financial intermediaries, and unused bank credit lines on firm cash holdings, equity risk, and investment. Firms with more bank loans have more cash and investment, but lower equity risk. Firms with more non-bank private debt...

We present two game theoretic models on resource allocation in epidemic control and waiting time competition in service management. The first model considers the drug allocation problem when facing the outbreak of an international influenza pandemic. The drugs are for prophylactic use. Since...

I develop a dynamic structural model in which a firm makes rational decisions to buy or sell assets in the presence of productivity shocks. By identifying equilibrium asset prices, the model also examines the aggregate asset sales activity over the business cycle. It shows that changes in...

We examine how managerial incentives affect acquisition decisions in the banking industry. We find that higher pay-for-performance sensitivity (PPS) leads to value-enhancing acquisitions. Banks whose CEOs have higher PPS have significantly better abnormal stock returns around the time of the...

Buildings account for about 40% of the global energy consumption and contribute over 30% of the CO2 emissions. A large proportion of this energy is used for thermal comfort in buildings. This paper reviews thermal comfort research work and discusses the implications for building energy...

Binary events are involved in many economic decision problems. In recent years, considerable progress has been made in diverse disciplines in developing models for forecasting binary outcomes. We distinguish between two types of forecasts for binary events that are generally obtained as the...

This paper investigates an electricity time-of-use (TOU) tariff problem with the consideration of consumer behavior. Under the TOU tariff, we consider two periods: the peak and base periods. A two-level model is established to solve the TOU tariff problem: in the upper level, the producer...

We estimate the labor market consequences of corporate diversification using worker-firm matched data from the U.S. Census Bureau. We find evidence that workers in diversified firms have greater cross-industry mobility. Displaced workers experience significantly smaller losses when they move to...