We examine the relation between mutual fund votes on shareholder executive compensation proposals and pension-related business ties between fund families and the firms. In unconditional tests, we find that fund families support management when they have pension ties to the firm. We find no...

We examine the effect of financial advisor reputation on wealth gains in corporate takeovers. In view of the adversarial nature of a takeover, we construct a measure of the relative reputation of the advisor. We document that the absolute wealth gain as well as the share of the total takeover...

We examine why firms use nonlinear derivatives (e.g., options). Our results suggest that option characteristics in investment opportunities and debt, the payoff structure of incentive compensation, and free cash-flow agency problems influence the firm's choice. Investment opportunities,...

We examine the performance of 84 firms that adopt value-based management (VBM) systems during the period 1984-1997. The typical firm significantly improves matched-firm-adjusted residual income after adopting VBM. This improvement persists for the five post-adoption years studied. After...

Operating performance and stock return results imply that managers who commit fraud anticipate large stock price declines if they were to report truthfully, which would cause greater losses for managerial stockholdings than for options because of differences in convexity. Fraud firms have...

This paper examines the dynamic correlation structure between A-share and B-share stock returns based on three different measures of correlation coefficients. Testing the models by employing daily stock-return data for the period from 1996 through 2003, we reach the following empirical...

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...

Local governments have replaced the national ministries that are in charge of various industries to become the primary implementer of energy-saving policies in China since 2000. This paper employs a case study-based approach to demonstrate the significance of local governments’ policy measures...

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...