CEO cultural background and corporate cash holdings

This paper examines whether the cultural background of chief executive officers (CEOs) affects corporate cash holdings. Using UK data from 2000 to 2018, we find that CEOs with a cultural background that emphasises power distance and uncertainty avoidance are positively associated with corporate cash holdings, while CEOs with a cultural background that emphasises masculinity are negatively associated with corporate cash holdings. Our results are robust to various robustness tests. Further analyses show that the impact is more pronounced when power is concentrated among top executives, when the CEOs have a degree of discretion in pursuing their own goals, and when information asymmetry is high.     

Production and hedging under correlated price and background risks

Decisions in Economics and Finance - This paper examines the competitive firm that has to make its production and hedging decisions under correlated price and background risks. The background risk...     

Residence after retirement: A review and bibliometric analysis

This study reviews the literature on the residence after retirement via Systematic Literature Network Analysis, which consists of the systematic literature review and bibliometric network analysis. There are three research questions, including (1) what the most recent studies are on the residence after retirement, (2) Who the most significant authors, documents, and sources are in residence after retirement, and (3) whether the extant research structure could guide the future agenda for the residence after retirement. Based on the systematic literature review, this study extracts 50 publications from the Scopus database by keyword, document type, source type, publication period, language, and subject area relevant to the residence after retirement. This study analyzes data employing Nvivo, VOSviewer, and SciMAX. The clusters of authors, countries, keywords, documents, and sources linked with relevant studies on the residence after retirement are according to the co-authorship (1) author, (2) country/territory, (3) keyword, and (4) document. Skitmore, M., Xia, B., Buys, I., Hu, X., Hu, Y., and Chen, Q. who the most influential authors are in residence after retirement. The themes of aging, continuing care retirement community, retirement village, and their associated keywords contribute to future research on the residence after retirement.     

Do investors affect financial analysts’ behavior? Evidence from short sellers

We examine how short sellers affect financial analysts’ forecast behavior using a natural experiment that relaxes short-sale constraints. We find that increased ease of short selling improves analyst earnings forecast quality by reducing forecast bias and increasing forecast accuracy. The improvements can be explained by both the disciplining pressure from short sellers and increased price efficiency from incorporating information in a timely manner. Although it is well documented that financial analysts can affect investors, our paper provides novel evidence on how sophisticated investors, short sellers, can affect analysts.