Corporate life-cycle concept is widely used in a variety of disciplines, including management, economics and accounting, and also in the real-world investment. However, current commonly used methodologies of measuring life-cycle stages are either only suitable for small sample studies or only...

We investigate the relationship between CEO performance pay incentives and firm productivity. In general, we find an inverse U-shaped relationship between productivity and the sensitivity of CEO wealth to share value (delta) and a positive relationship between productivity and the sensitivity of...

We examine the central prediction of the pecking order theory of financing among firms in two distinct life cycle stages, namely growth and maturity. In general, we find that firms in both stages follow the pecking order. More specifically, we find that within a life cycle stage and after...

This paper analyses the characteristics and functioning of real estate markets. It focuses on the relationship between developments in these markets and the financial sector to determine under what circumstances real estate booms and busts can develop and how they can affect the health and...

In a marketplace of repeated transactions with asymmetric information, theory predicts that sellers with a good reputation have a higher probability of sale and receive a higher transaction price. In this article, I test this theory using more than 55,000 auctions of quot;Gmail invitationsquot;...

This paper provides some rational perspective for the flight-to-liquidity event. My model highlights the inherent difference in investors' investment horizon, and thus their sensitivity to changes in transaction costs in the stock and bond markets. When stock market deterioration results in...

We develop a framework to investigate time-varying informed and uninformed trading activities and the relationship between them. Informed traders may match the level of the uninformed arrival rate with certain probability so as to make better use of the camouflage provided by the uninformed...

This paper documents the profitability of the sentiment strategies. Using the aggregate closed-end fund discount as a proxy for investor sentiment, we construct a simple sentiment strategy on the basis of the exposure of stock returns to the closed-end fund discount. The sentiment strategies buy...

This paper examines option trading prior to significant information events. Using a broad sample of merger announcements, I find that there is abnormal option trading prior to such announcements after controlling for merger characteristics. This abnormal option trading is mainly concentrated in...

The influences of alkali and alkali–earth salts on the combustion of municipal solid waste (MSW) have been studied by thermogravimetric analysis (TGA). In the presence of alkali and alkali–earth salts, the combustion of MSW become easier than that of non-catalyzed MSW. By comparing the...