There has been research that studies Chinese firms’ stakeholder orientation but fails to identify Chinese firms’ specific stakeholder groups. In addition, little research in this line has been conducted so far to reflect recent Chinese constitutional transition. This study seeks to fill...

This study investigates whether ownership type does matter for bank performance in an emerging market. By tracing the identity of top owners, I group large shareholder of China’s commercial banks into government, state owned enterprises (SOEs), domestic private investors and foreign investors....

A bank generally hold more equity capital than required by their regulators. We hypothesize that stock market has a disciplining role vis-à-vis bank managers that forces them to increase their capital level. For market discipline to be effective, market factors such as changes in firm equity...

The effectiveness of the management team, ownership structure and other corporate governance systems in determining appropriate risk taking is a critical issue in a modern commercial bank. Appropriate risk management techniques and structures within financial institutions play an important role...

Conditional Value-at-Risk (CVaR) measures the expected loss amount beyond VaR. It has vast advantage over VaR because of its property of coherence. This paper gives an analytical solution in a complete market setting to the risk reward problem faced by a portfolio manager whose portfolio needs...

Many studies have investigated the socioeconomic consequences of residential economic segregation in U.S. urban areas. These studies mainly focus on the impact of economic segregation on the poor or minorities and almost universally find that economic segregation hurts these groups in many ways....

The focus of this paper is three-fold. First, it recalculates the HDI and EFI, use the ratio of HDI and EF to build the EWP, then evaluate and analyze the EWP of China's provinces. Second, it develops a unique ecological well-being performance (EWP) model, which is divided into two driving...

While aggregate earnings should affect aggregate stock returns, standard portfolio theory predicts that the cross-sectional dispersion in firm-level earnings would not affect aggregate stock returns. Nonetheless, this paper demonstrates a surprisingly robust relation between cross-sectional...

his paper develops a theoretical model to understand the contractual role of accounting conservatism in debt contracts. The optimal debt contract includes an accounting based covenant that gives the creditor the right to liquidate when accounting information reveals unfavorable news about the...

This study examines how accounting conservatism may affect the information environment of analysts’ earnings forecasts, taking into account the interaction between unconditional and conditional conservatism. Unconditional conservatism preempts conditional conservatism in the later period and...