This study investigates whether and how minority shareholders activism (MSA) affects executives’ pay–performance sensitivity (PPS). Based on annual data of listed companies on SSE and SZSE from 2010 to 2021, we find that MSA significantly promotes executives’ pay-performance sensitivity,...

In ruin theory, an insurer’s income process is usually assumed to grow at a deterministic rate of c 0 over time. For instance, both the well-known Cramér-Lundberg risk process and the Sparre Andersen risk model have this assumption built in the construction of their respective surplus...

This paper builds a stochastic complex economic system with the output, household’s revenue, saving and investment. We not only solve out the closed form solution of agent’s consumption under quadratic utility, but also release the constraint the equilibrium condition between aggregated...

The rapid growth of BRICS has increasingly integrated their markets into the global economy. Thus, making their financial markets more vulnerable to external shocks such as global economic policy uncertainties. In this light, this study examines BRICS stock markets’ response to global economic...

This paper investigates a puzzle and possible policy concern: Why do platforms such as eBay and Visa that enable the trade of goods of different unobserved costs and valuations rely predominantly on linear ad-valorem fees, that is, fees that increase in proportion to the sale price of the trades...

This study implements and tests a mathematical programming model to estimate interregional, interindustry transaction flows in a national system of economic regions based on an interregional accounting framework and initial information of interregional shipments. A national input-output (IO)...

This study investigates the impact of economic policy uncertainty (EPU) on the gross enrollment rate of higher education (HE) of 18 countries' from 1998 to 2020. Using the system generalized method of moments and fixed-effects model, our results show that the EPU has a significant positive...

This paper examines innovation, deregulation, and firm dynamics over the life cycle of the U.S. ATM and debit card industry. In doing so, we construct a dynamic equilibrium model to study how a major product innovation (introducing the new debit card function) interacted with banking...