ABSTRACT This paper documents that changes in litigation risk affect corporate voluntary disclosure practices. We make causal inferences by exploiting three legal events generate exogenous variations firms' risk. Using a matching-based fixed-effect difference-in-differences design, we find the treated firms tend to fewer (more) management earnings forecasts relative control when they expect be lower (higher) following event. The results are concentrated on conveying negative news and robust...

This study identifies information accessibility as a determinant of corporate innovation. Using the sudden termination Google’s search services in China, we find persistently large negative effect on intensity and quality innovation among firms relying foreign knowledge. The results are stronger for industries dominated by technology, regions with local web filters, fewer alternative sources information. We also that affected cite patents their efficiency declines after exit. Overall,...

We assess whether restrictions on insider trading accelerate or slow technological innovation. Using over 80,000 industry-country-year observations across 74 economies from 1976 to 2006, we find that enforcing insider-trading laws spurs innovation—as measured by patent intensity, scope, impact, generality, and originality. Furthermore, the evidence is consistent with view restricting accelerates innovation improving valuation of, increasing flow of equity financing to, innovative activities.

In the context of global climate change and intensifying human activities, effective management urban ecosystem services (ESs) is crucial for achieving sustainable development goals. Urbanization-induced land use are two primary drivers altering UESs. However, previous studies have predominantly focused on historical expansion effects UESs, leaving future evolution scenarios their relative impacts underexplored. This study investigates Pearl River Delta agglomeration as a case area,...

In this paper, we identify product market competition as a driver of privatization. Using shocks caused by trade liberalization China, which has the world’s largest state sector, find that subjecting state-owned enterprises (SOEs) to higher leads an increase in private ownership. This response is strengthened when SOEs operate industries with large technology or productivity gaps from those frontier economies impose fiscal burdens on local governments. Our findings are consistent...

Abstract BACKGROUND Fragrant rapeseed oil is a type of hot‐pressed in China. In this study, physicochemical properties, oxidative stability index (OSI), tocopherols, sterols, and polycyclic aromatic hydrocarbons (PAHs) fragrant oils were evaluated. Additionally, the cancer risk assessment pertaining to PAHs was investigated. RESULTS Acid values (0.64–2.68 mg potassium hydroxide per gram), peroxide (1.58–4.86 mmol kg −1 ), color ( R = 2.6–5.8, Y 35) all within codex limits. Tocopherols...

Abstract In this study, we examine the effect of worldwide board reforms on cost debt financing. We document an increase loan spread after a country initiates reform. The is larger among firms that are more exposed to shareholder–debtholder conflicts. results suggest empower shareholders at debtholders. However, also find that, while reform component related independence leads in debt, audit committee helps decrease cost.

In this article, we evaluate the effect of managerial entrenchment on corporate information production using voting outcomes shareholder-initiated proposals intended to mitigate entrenchment. We focus that are passed or rejected by a small margin votes, which generate plausibly exogenous variations in find reduction enhances production. The effects stronger for firms with greater asymmetries and severer agency frictions. Overall, evidence is consistent view reducing disclosure aligning...

This study identifies information accessibility as a determinant of corporate innovation. Using the sudden termination Google’s search services in China, we find persistently large negative effect on intensity and quality innovation among firms relying foreign technology. The results are stronger for industries dominated by technology, regions with local Web filters, fewer alternative sources information. We also that affected cite patents their efficiency declines after exit. Overall,...

This paper documents that changes in litigation risk affect corporate voluntary disclosure practices. We make causal inferences by exploiting three legal events generate exogenous variations firms' risk. Using a matching-based, fixed-effect difference-indifferences design, we find the treated firms tend to fewer (more) management earnings forecasts relative control when they expect be lower (higher) following event. The results are concentrated on conveying negative news and robust...

Environmental variables are widely recognized as a cause of differences in efficiency measurement. However, the existing literature on data envelopment analysis (DEA) environmental factors ignores impact demand output. To address this gap, we propose Point-wise Minimization DEA model (PWMDEA), which considers contextual that affect and lead to efficiency. The obtains value by considering minimum virtual inputs demand. Then, is evaluated minimizing ratio above This one-step avoids issues...

This paper examines how operational uncertainty affects managerial incentives in information production using the staggered recognition of Inevitable Disclosure Doctrine (IDD) by state courts as a quasi-natural experiment. The adoption IDD improves protection trade secrets preventing former employees from working for competitor firms and results exogenous variation uncertainty. We find that after their headquarter states, tend to produce more higher quality, form frequent, precise...

We assess whether restrictions on insider trading accelerate or slow technological innovation. Based over 75,000 industry-country-year observations across 94 economies from 1976 to 2006, we find that enforcing insider-trading laws spurs innovation — as measured by patent intensity, scope, impact, generality, and originality. Furthermore, the evidence is consistent with view restricting accelerates improving valuation of, increasing flow of equity financing to, innovative activities.

This paper presents a secure wire-line telephone system that employs physical layer security (PLS) to protect against wiretapping. The generates artificial noise (AN) in both transmission directions and uses hybrid circuit effectively suppress the AN for purpose of communication. Furthermore, we analyze secrecy capacity evaluate its performance through theoretical analysis practical experiments. results demonstrate proposed can significantly enhance communication while preserving integrity...