We examine the performance of 84 firms that adopt value-based management (VBM) systems during the period 1984-1997. The typical firm significantly improves matched-firm-adjusted residual income after adopting VBM. This improvement persists for the five post-adoption years studied. After...

To avoid Chapter 11 bankruptcy, financially distressed firms often undertake out-of-court restructurings, which take the form of exchange offers for firms with public debt outstanding. We examine the choice between potentially lower cost and faster offers of unregistered securities under Section...

Motivated by the dual agency environment in founding family firms, we examine how family firms provide compensation incentives to nonfamily executives. Nonfamily executives receive weaker risk-taking incentives and pay-for-performance incentives when family ownership is high and when family...

We use over 22,000 firm-year observations from 1995-2010 to investigate whether combining roles of CEO and board-chair causes poor performance. Our research design allows us to reconcile disagreement in the literature about whether CEO-chair duality impacts shareholder value. CEOs are awarded...

This study reexamines the Asian stock market contagion by employing a dynamic multivariate GARCH model. Based on a commonly held definition, contagion is defined as a significant increase in comovements between asset returns across markets. By analyzing the correlation coefficient series, this...

This paper examines the dynamic correlation structure between A-share and B-share stock returns based on three different measures of correlation coefficients. Testing the models by employing daily stock-return data for the period from 1996 through 2003, we reach the following empirical...

China implemented a package of policies during the 11th Five-Year Plan (2006–2010) to improve industrial energy efficiency. This assessment provides a methodology that establishes a causal relationship between policy implementation and energy conservation effects. To enhance the confidence in...

Local governments have replaced the national ministries that are in charge of various industries to become the primary implementer of energy-saving policies in China since 2000. This paper employs a case study-based approach to demonstrate the significance of local governments’ policy measures...

Since 2007, gross domestic product (GDP) growth in China's inland provinces has exceeded that of the affluent coastal provinces. Concurrently, they have also been given more lenient energy intensity reduction targets to provide latitude for continued growth. The regional unevenness of economic...