Executives with poor prior performance may be inclined to take excessive risk in the hope of meeting performance targets, in which case a compensation contract featuring severance pay can be optimal. While prior work has shown that severance can induce managers to take positive NPV risks, we...

This study finds that more conservative earnings have lower information content in that higher conditional conservatism decreases the speed with which equity investor disagreement and uncertainty resolve at earnings announcements. We find that a firm-year measure of conditional conservatism we...

This study documents a six-fold increase in short-term return reversals during earnings announcements relative to non-announcement periods. Following prior research, we use reversals as a proxy for expected returns market makers demand for providing liquidity. Our findings highlight significant...

To examine the effect of foreign direct investment, this paper compares the post-acquisition performance changes of foreign- and domestic-acquired firms in China. Unlike previous studies, we investigate the purified effect of foreign ownership by using domestic-acquired firms as the control...

Non-isothermal crystallization of aqueous nanofluids in the presence of two types of high aspect-ratio carbon nano-additives, i.e., carbon nanotubes (CNTs) and graphene nanoplatelets (GNPs), was characterized by means of differential scanning calorimetry (DSC). A parametric investigation was...

China implemented a package of policies during the 11th Five-Year Plan (2006–2010) to improve industrial energy efficiency. This assessment provides a methodology that establishes a causal relationship between policy implementation and energy conservation effects. To enhance the confidence in...

In this study, a novel dual-nozzle ejector enhanced vapor-compression cycle (DEVC) for solar assisted air-source heat pump systems is proposed. In DEVC, the use of the dual-nozzle ejector for recovering the expansion losses is a very promising approach to improve the cycle performance. A...

EVRCs (ejector-expansion vapor-compression refrigeration cycles) applied in domestic refrigerator-freezers have been concerned duo to their potentials of improving cycle performance. However, the previously presented EVRCs with various cycle configurations are still limited to favorable...

Since 2007, gross domestic product (GDP) growth in China's inland provinces has exceeded that of the affluent coastal provinces. Concurrently, they have also been given more lenient energy intensity reduction targets to provide latitude for continued growth. The regional unevenness of economic...

In this article we extend the results derived for scan statistics in Wang and Glaz (2014) for independent normal observations. We investigate the performance of two approximations for the distribution of fixed window scan statistics for time series models. An R algorithm for computing...