本文探讨了法制环境对企业“过度”研发行为的影响及其经济后果。目前的研究很少区分“正常”与“过度”的研发投入，而“过度”研发投入的经济后果更能体现社会资源的配置效率。本文结合中国市场化进程的大背景，聚焦于法律制度环境对“过度”研发绩效的影...[详细]
This paper examines the influence of corporate governance systems on insiders’ ability to profit from their information advantage and the ways through which corporate governance systems influence such ability. We find that corporate go...[详细]
公司社会责任问题近年来日益引起社会公众的关注，因此如何提高社会责任信息的披露质量成为影响我国资本市场健康发展的重要课题。借助中国资本市场融资融券制度推出这一“自然实验”，结果发现，卖空机制对管理层可以发挥监督制约作用，改善公司的治理环境...[详细]
This paper examines the impact of public disclosure level on market pricing of discretionary accruals of firms with high or low institutional ownership. Using Mishkin test (1983) and hedge portfolio test, this paper documents that for f...[详细]
This study examines whether voluntary balance sheet disclosure at the time of an earnings announcement mitigates post-earnings-announcement drift (PEAD). Both theory and empirical evidence suggest that balance sheet information compleme...[详细]