This paper proposes a semiparametric realized stochastic volatility model by integrating the parametric stochastic volatility model utilizing realized volatility information and the Bayesian nonparametric framework. The flexible framework offered by Bayesian nonparametric mixtures not only...

This study investigates the effects of financial statement comparability on corporate expected default risk (EDF). Based on three different comparability measures, we find that financial statement comparability is negatively related to the EDF in the current and subsequent periods. This negative...

This paper evaluates the role of centralized punishment in boosting contribution to the provision of public goods. To avoid the race to the bottom in the provision of public goods, this centralized punishment mechanism relies on the use of the unilateral and tie punishment imposed on the lowest...