Did regulatory reforms that lowered barriers to competition among U.S. banks increase or decrease the quality of information that banks disclose to the public and regulators? We find that an intensification of competition reduced abnormal accruals of loan loss provisions and the frequency with...

Do stock markets act as a “spare tire” during banking crises, providing an alternative corporate financing channel and mitigating the economic severity of banking crises? Using firm-level data in 36 countries from 1990 through 2011, we find that the adverse consequences of banking crises on...

Building on two sources of exogenous shocks to analyst coverage (broker closures and mergers), we explore the causal effects of analyst coverage on mitigating managerial expropriation of outside shareholders. We find that as a firm experiences an exogenous decrease in analyst coverage,...

We study whether cross-country differences in regulations have affected international bank flows. We find strong evidence that banks have transferred funds to markets with fewer regulations. This form of regulatory arbitrage suggests there may be a destructive "race to the bottom" in global...

This paper describes the development of a combined ejector-vapor compression cycle (EVCC) that uses working fluid R134a and air-cooled condensers for both sub-cycles. A large amount of experiments have been conducted to test the influence of the evaporating, generating and condensing...

In this paper, Computational Fluid Dynamics (CFD) technique is used to investigate the adaption of adjustable ejector for variable cooling loads and the characteristics of ejector pressure recovery in a multi-evaporator refrigeration system (EMERS) using R134a as the refrigerant. The performance...

A better understanding of CO2 emission trends caused by domestic consumption (referred to as the carbon footprint) in China, especially in the context of changes in consumption and production patterns triggered by economic development in recent years, is important to develop effective approaches...

<title>Abstract</title> Using data for 1203 publicly listed firms in China during 1999--2002, this paper empirically investigates whether and to what extent state control affects managerial incentives, including managerial compensation and CEO turnover. The paper finds that CEO turnover is negatively related...

As an organ of the Central Committee of the Communist Party of China, the People's Daily (PD) has a critical influence on China's policies and economy. This study examines the impact of the PD on China's economic structural changes and industry environmental performance. To separate the 'PD...

Building on the important study by Beck et al. (2005), we examine how government intervention in firms' decision-making is related to their investment and sales growth. Using the unique World Bank dataset (WBES) covering 6500 firms in 70 countries, we find strong evidence that the extent of...