We investigate how CEO's risk incentive (vega) affects firm innovation. To establish causality, we exploit compensation changes instigated by the FAS 123R accounting regulation in 2005 that mandated stock option expensing at fair values. Our identification tests indicate a positive and causal...

Employing the American Inventor’s Protection Act (AIPA) that mandates, all patent applications are to be published within 18 months after filing, as a quasi-natural experiment, we find that accelerated patent disclosure increases stock price crash risk. This effect is stronger when treated...

Big data technology may improve the quality of environmental information disclosure and address the challenge of information asymmetry. This study adopts a difference-in-differences strategy to investigate the effectiveness of the big data-based environmental information disclosure system...

Rotation is a practice whereby officials are regularly moved between equally ranked positions. Focusing on governor rotation, this paper examines the effect of official rotation on corporate innovation in China. First, we find that official rotation significantly promotes corporate innovation,...