We propose that owing to limited investor attention and skepticism of complexity, firms with greater innovative originality (IO) will be undervalued, especially for firms with higher valuation uncertainty, lower attention, and greater sensitivity of future profitability to IO. We find that IO...

This study applies the co-integration test, and the granger causality test of econometrics to demonstrate the relationship between international tourism and economic growth in Sichuan province. The results show that there is dynamic relation between them, international tourism is the granger...

This paper uses DEA and cluster analysis method to make research on operating efficiency difference among 28 national business incubators of Southwest China with the data of 2010 to 2012 years. The results show that the operating efficiency of business incubators in Southwest presents the...

Yunnan Province is the bridgehead for the opening of the southwest region in China, and the economic frontier of China-ASEAN economic cooperation, where the export of agricultural products plays an important role in promoting the openness of the southwest region and strengthening China-ASEAN...

One of the many challenges facing financial economists is to distinguish the theories explaining momentum. Brav and Heaton (2002) show that it is very difficult to distinguish the "rational" models of structural uncertainty (SU) from "behavioral" models of conservatism (C). In this paper, I...

Understanding how culture influences consumer behaviors is crucial to success in international marketing. In this monograph, the authors present a conceptual and empirical framework for understanding how culture impacts consumer behaviors, and recommend seven analytical steps for understanding...

Through the interaction between financial constraints and R&D, I study two asset-pricing puzzles: mixed evidence on the financial constraints--return relation and the positive R&D-return relation. Unlike capital investment, R&D is more inflexible. A financially constrained R&D-intensive firm is...

Purpose – This paper aims to investigate farmers' willingness to adopt new rice varieties and the factors influencing their seed-selection behaviors. Design/methodology/approach – The Logit model was used to analyze farmers' willingness and the determinants of the behaviors in selecting and...

In a frictionless world, investment is perfectly elastic to changes in the discount rate. With financial frictions, investment is less elastic, meaning that a given magnitude of change in investment is associated with a higher magnitude of change in the discount rate. Equivalently, investment is...

Q-theory predicts that investment frictions steepen the relation between expected returns and firm investment. Using financing constraints to proxy for investment frictions, we show only weak evidence that the investment-to-assets and asset growth effects in the cross section of returns are...