We hypothesize that customer base concentration (CC) is a source of operational inflexibility that impedes firms’ capital investment and thus reduces their ability to exploit real options. Supporting this hypothesis, we empirically document a negative relation between CC and the responsiveness of ca

Due to the rise of machine learning and big data, people analytics is expected to disrupt the human capital management profession. However, due to the proprietary nature of human capital management, there is little empirical research on the benefits and costs of adopting people analytics in practice

We show that U.S. firms cut imports by 11.1% and are 4.2% more likely to terminate a trade relationship when their international suppliers experience environmental and social (E&S) incidents. These trade cuts are larger for publicly-listed U.S. importers facing high E&S investor pressure and lead to

We examine whether and how the introduction of an internationally credible audit regulatory oversight affects a firm’s debt concentration level in a cross-country setting. For a sample of non-US-listed companies across 45 countries, we observe a significant decrease in a firm’s debt concentration af

Information about firms' research and development (R&D) activities is considered proprietary and is rarely disclosed. This study examines firms' R&D activities through a new information source – R&D job posting. Using the detailed textual information in job postings to identify R&D positions, w

This study examines whether and when credit ratings are useful for accounting fraud prediction. We find that negative rating actions by Standard & Poor’s (S&P), an issuer-paid credit rating agency (CRA), have predictive ability for frauds incremental to fraud prediction models (e.g., Fscore) and oth

Exploiting the staggered implementation of mandatory non-financial reporting requirements worldwide with a difference-in-differences design, we find that green innovations, measured by green patents and green patent citations, increase significantly post-mandate introduction. This effect is stronger

This study examines how labor market competition affects the quality of workplace-related information on social media. Using Glassdoor reviews to capture workplace-related information in the labor market, we find that positive employer reviews are less relevant in explaining actual workplace perform

We construct global sales network (GSN) within an analyst’s portfolio using advanced machine learning technologies (Naïve Bayes algorithm and Long Short-Term Memory (LSTM) Networks). GSN measures the geographic overlap in an analyst’s portfolio firms’ global sales destinations and has important imp

基于金融与增长的关系理论框架，本文系统地分析了金融行业管制放松对非金融行业资源配置的传导效应，验证了金融发展作用于经济增长的创新路径，为经济管制理论提供了第三方视角的研究证据。研究结果发现：政策性进入壁垒的降低，改变了银行业市场进入的区域决策，显著促进了创新资本的形成，提高了企业的创新水平。机制分析表明：市场准入机制放松后，潜在进入者威胁强化了在位银行投资创新市场，建立经济壁垒的动机；同时，在位银行能够在区域维度上实现多元化经营，分散信贷风险，缓解银行信贷偏好与创新风险特征的错配问题。此外，创新增加主要集中于非国有企业、小规模公司这些面临较强融资约束的企业中。进一步分析指出，银行进入壁垒的降低

We examine the role of local politicians’ incentives on bank’s green loan decision by obtaining a proprietary internal branch-loan level dataset on the borrowers’ environmental risk ratings from one of the largest banks in China. We first find that the bank’s environmental risk ratings of its borrow

Answering the call by Blankespoor et al. (2020) to study the effect of disclosure processing frictions on other stakeholders and decision contexts, this study examines how firms facing strong organized labor strategically respond to the implementation of the EDGAR system, which substantially reduced