Securities trading has generated some of the most sensational scandals in the popular business press. In one of the most publicized cases of insider trading, in the late 1980s Michael R. Milken and Ivan F. Boesky were sentenced to stiff prison terms and payment of enormous damage assessments and...

In this paper we show, in an incomplete contracts framework which combines asymmetric information and moral hazard, that by permitting insiders to trade on personal account the equilibrium level of output can be increased and shareholder welfare can be improved. This result follows for two...

We examine the relationship between gender wage differentials and occupational segregation in small and medium-sized science and technology (S&T) firms in Beijing and Wuhan, using ethnographic material in addition to survey data from 202 firms. Although we find little evidence of overt...

Scale-free networks are prone to epidemic spreading. To provide cost-effective protection for such networks, targeted immunization was proposed to selectively immunize the hub nodes. In many real-life applications, however, the targeted immunization may not be perfect, either because some hub...

Mergers and acquisitions are an integral part of any market economy, enhancing an economy's efficiency by reallocating and recombining production resources for better use. In China, the development of mergers and acquisitions activity has played a positive role in privatizing and revitalizing...

We propose and study a new model for the spanning tree problem with interval data, the Minimum Risk Spanning Tree (MRST) problem, that finds diverse applications in network design. Given an underlying network G=(V,E), each link e[set membership, variant]E can be established by paying a cost ,...