The use of equity incentives is significantly greater in countries with stronger insider trading restrictions, and these higher incentives are associated with higher total pay. These findings are robust to alternative definitions of insider trading restrictions and enforcement, and to panel...

We use a multitude of tax reforms across OECD countries as natural experiments to estimate the market value of the tax benefits of debt financing. We report time-series evidence that tax reforms are followed by large changes in the value of corporate equity. However, the impact of tax reforms is...

Predicting the near-future delay with accuracy for trains is momentous for railway operations and passengers’ traveling experience. This work aims to design prediction models for train delays based on Netherlands Railway data. We first develop a chi-square test to show that the delay evolution...

The 2008 financial crisis has led to the breakdown of the new synthesis consensus in the mainstream economic theories. Rational expectations (RE) and non-rational expectations (NRE) have respectively explained the policy irrelevance of and the behavior departure from standard economic theories....

We study a very general contest game in which players exert efforts in multiple battles. The conflict structure, which represents who participates in which battlefield, is arbitrary and can be represented by a hypergraph. We show, under mild conditions on the cost function and contest...

In this paper, we investigate the profitability of "riding the bubble" trading strategies in the Chinese stock market. Using sector-level data from the CSI 300, we identify bubble episodes using the bubble test proposed by Phillips et al. (2015). We then buy the sector-level indices whenever...