Abstract This study examines the effect of managerial academic experience on firms’ financial reporting quality. Using data from China, we find that firms with top managers possessing exhibit lower levels both accrual and real earnings management, along a probability future restatements. is more pronounced for inefficient external monitoring, suggesting higher quality mainly explained by managers’ intrinsic motivation to report truthfully. The results hold when use firm fixed‐effect...

ABSTRACT Using the Regulation SHO program as a quasi-experiment, we document that threat of short selling has negative effect on volume opportunistic insider and positive its profitability for each transaction. These effects are stronger among firms with higher litigation risk, greater media coverage, executives who have more their firms' stock-related holdings. We further find robust evidence when extend analyses to deregulations in Chinese Hong Kong stock exchanges. Overall, our findings...

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Despite neural networks have achieved prominent performance on many natural language processing (NLP) tasks, they are vulnerable to adversarial examples. In this paper, we propose Dirichlet Neighborhood Ensemble (DNE), a randomized smoothing method for training robust model defense substitution-based attacks. During training, DNE forms virtual sentences by sampling embedding vectors each word in an input sentence from convex hull spanned the and its synonyms, it augments them with data. such...

Despite the burgeoning development of artificial intelligence (AI) applied in medical field, there have been little bibliometric and collaboration network researches on patents related to this inter-disciplinary research domain. Patentometric Social Network Analysis (SNA) are used conduct characterizations patent applications cooperative networks, mapping a holistic landscape AI-medical field. Derwent Innovation Index database (DII) is adopted as data source. The results indicate that...

This paper provides the first in-depth analysis of variance risk premium (VRP) individual stocks, measured as difference between risk-neutral expected inferred from equity option prices and realized estimated high frequency stock returns. We study time-series properties VRP how it depends cross-sectionally on volatility exposures characteristics. find that is an important determinant cross-section A value-weighted (resp. equal-weighted) portfolio top decile stocks average outperforms bottom...

In a model where investors disagree about the fundamentals of two stocks, state-price density depends on investor disagreements for both especially larger stock. This implies that disagreement among in large firm has spillover effect pricing other stocks owned by these investors. The effects crucially depend average belief biases. Empirical findings support novel prediction and help reconcile some mixed evidence literature.

Using a unique auction dataset from artinfo.com, we find that narcissism measured by the signatures of artists is positively associated with market performance artworks. The artworks more narcissistic have higher prices, estimates houses, and outperformance compared to art index. In support this view works, recognition experts lead having greater number solo group exhibitions, museum gallery holdings, history rankings. More also tend make larger paintings date their works frequently.

Abstract This article examines the role of media in seasoned equity offerings ( SEO s) price and market reactions on announcements. Using a sample deals UK , we find that coverage is significantly negatively related to discounts returns around Moreover, document more pessimistic sentiment predicts larger negative In summary, both influence investor decisions s, but through different mechanisms.

ABSTRACT This study examines how managers' use of expectation management is affected by their labor market mobility, which we measure the enforceability noncompete provisions in employment contracts. Exploiting quasinatural experiments, our difference‐in‐differences analyses provide new causal insights to growing literature on career concerns affect disclosure choices. Consistent with a less mobile imposing more pressure managers achieve earnings expectations, predict and find that US states...

Bone marrow mesenchymal stem cell (BMSC) chondrogenic differentiation contributes to the treatment of osteoarthritis (OA). Numerous studies have indicated that microRNAs (miRNAs) regulate pathogenesis and development multiple disorders, including OA. Nevertheless, role miR-20a-5p in OA remains obscure. Forty male C57BL/6 mice were divided into four groups surgically induced or underwent sham surgery presence absence miR-20a-5p. Flow cytometry was implemented detect surface markers BMSCs....

Abstract This paper analyzes a BigTech lender's pricing strategies in the business‐to‐customer unsecured loan market using proprietary data set of consumer loans China. We find that credit rating constructed by lender is informative customers' default risk. Moreover, interest rate decreases and limit increases with rating. Interestingly, charges different rates to its customers based on customer channel, although it does not provide information about Following passage China Banking...

The shape of the term structure credit default swap (CDS) spreads displays large variations over time and across firms. Consistent with predictions structural models risk, we find that slope CDS spread increases firm leverage volatility, but decreases level Treasury yield curve. However, these variables together have rather limited explanatory power for there is a significant common component in regression residuals. In addition, predicts future changes spreads, even after controlling...

Recurrent neural networks (RNN) combined with attention mechanism has proved to be useful for various NLP tasks including machine translation, sequence labeling and syntactic parsing. The is usually applied by estimating the weights (or importance) of inputs taking weighted sum as derived features. Although such features have demonstrated their effectiveness, they may fail capture information due simple being used produce them. order words does matter meaning or structure sentences,...

The anticommons in knowledge is distinct from the physical objects. former always tragic, latter not necessarily so. For society at large, tragedy of more serious when it involves than resources. Buchanan and Yoon’s (2000) formal model incorrect even within neoclassical context, their neoliberal suggestion that single ownership socially optimal solution to misleading. This article argues only, epistemically beneficial create, expand, protect commons. also constructs a simple based on Bessen...

Borrowing Weber’s dual-interest model and “switchman” hypothesis, this study uses survey data to analyze the internal driving force diversity in charitable giving behaviors of private business owners from Wenzhou, China. The found that (1) political religious beliefs can have a positive influence on donation behaviors; (2) there are significant differences direction, form, consequences due these beliefs, highlighting selection variation different affinity differential interests; (3) Chinese...