We examine the causal effect of managerial litigation risk on managers' disclosure of earnings warnings in the face of large earnings shortfalls. Exploring the staggered adoption of universal demand (UD) laws as an exogenous decrease in litigation risk, we find that the adoption leads to a...

We examine the causal effect of managerial litigation risk on managers’ disclosure of earnings warnings in the face of large earnings shortfalls. Exploring the staggered adoption of universal demand (UD) laws as an exogenous decrease in litigation risk, we find that the adoption leads to a...

We apply a computable general equilibrium framework to assess likely impacts of the Lewis turning point on China and the rest of the world. Modeling results suggest that China will probably transition from an abnormal economy to a normal economy with somewhat lower growth but higher inflation,...

In this paper we attempt to explain the China Puzzle: coexistence of accelerating economic growth and worsening growth outlook. The root cause lies in Chinas unique liberalization approach, i.e., the combination of complete liberalization of product markets and continued distortions in factor...