New types of social networks have recently emerged that have facilitated the growth of a different kind of user-generated content: curation. The user finds various content from the Internet and then organizes or “curates” the content in a social network platform in a way that better serves...

We find that firms with a larger proportion of short-term debt have lower future stock price crash risk, consistent with short-term debt lenders playing an effective monitoring role in constraining managers' bad-news-hoarding behavior. The inverse relation between short-maturity debt and future...

This study aims to investigate the significance of adequately accounting for heterogeneity in banking efficiency. It compares different specifications of stochastic cost frontier models which attempt to account for bank heterogeneity in various ways. This study compares the estimated parameters...

This paper examines the market reaction to and earnings management choices around changes in the regulations requiring a higher minimum dividend payout in China. We exploit the unique Chinese setting that facilitates identification of the agency cost effect to shed new light on the determinants...

We study the ex ante stock market reactions to events leading up to China's convergence to International Financial Reporting Standards (IFRS). The literature consistently shows that the benefits of mandatory IFRS convergence are concentrated in countries with stronger legal enforcement and...

We study the ex ante stock market reactions to events leading up to China's convergence to International Financial Reporting Standards (IFRS). The literature consistently shows that the benefits of mandatory IFRS convergence are concentrated in countries with stronger legal enforcement and...

This study examines the relation between corporate tax avoidance and firm-level productivity. Using a sample of U.S.-listed firms from 1994 to 2017, we show that, ceteris paribus, greater tax avoidance leads to increased productivity. Consistent with the ''funding gap'' of innovative investments...

Previous studies of relative performance evaluation (RPE) for executive compensations in Western developed markets have produced mixed findings. This is partly because the dispersion of share ownership in Western capital markets does not closely correspond with the single-principal/multi-agent...

We examine the impact of financial regulation policy uncertainty on mispricing of earnings among banks, which are heavily regulated and strongly influenced by such policies. The tension underlying our study stems from two opposing effects. To the extent that economic uncertainty generated by the...

The Bored Ape Yacht Club (BAYC) NFTs stand out for their meteoric success. One underappreciated aspect of the business model adopted in the Bored Ape licenses is its use of decentralized collaboration or De-Collab. Buyers of Bored Ape NFTs are granted unlimited rights to commercialize the...