WealthTech (WT) holds the promise to “democratize financial service” by serving the underserved market segments with affordable, quality, and transparent wealth management services. This paper assesses the competence and integrity of WT using a unique, order-level data set on WT vis-à-vis...

We examine the pricing of foreign earnings of U.S. multinational firms in the context of the risk of expropriation and unfair treatment by the government, measured by the rule of law index from World Bank Governance Indicators, of countries in which the international subsidiaries are located....

This paper investigates whether firms' pollution records influence their financing costs. Evidence shows that lending banks demand significantly higher loan spreads, higher total borrowing costs, shorter loan maturities, smaller loan sizes, and greater collateral from firms with higher levels of...

This research analyzes how experiencing a natural disaster influences individual investor trading in the stock market. Exploiting a unique stock trading dataset of retail investors in Taiwan, we determine that individual investors who experienced major natural disasters trade more aggressively...

China's politician selection process has been obscure and rarely discussed. This paper uses machine learning approaches to bring economic performance, political patronage and career path into one picture in understanding the provincial level politicians' selection decision of China. Through...

Using firm-level data for 1,084 parent firms in 24 countries and for 9,497 subsidiaries in 54 countries, we show that tax-motivated profit shifting is larger among subsidiaries in countries that have stable corporate tax rates over time. Our findings further suggest that firms move away from...

This paper investigates the impact of margin trading on firms' financial reporting. Using a difference-in-differences (DID) approach that exploits staggered elimination of margin trading bans, it reports a significant effect of margin trading on earnings management. Treated firms increase...

This paper investigates how explicit deposit insurance (EDI) scheme in place influence bank lending during the global financial crisis. Earlier studies reveal tightened overall corporate lending, even lesser amount to foreign borrowers (a “flight home” effect) charging higher interest rates...

This paper studies whether knowledge protection affects firm strategic alliance (SA) activity. Using the staggered adoptions and rejections of the inevitable disclosure doctrine (IDD) by U.S. state courts as exogenous changes in the level of knowledge protection, we document an increase in SA...

This book provides a comprehensive review of the prospects for financial markets in the face of rapid technological development and international integration. It offers a revolutionary perspective, exploring the challenges for regulators and demonstrating a network economics approach to explain...