Cross-border regulatory enforcement and corporate voluntary disclosure

In this study, we find that foreign firms cross-listed in the US issue significantly more and better-quality management earnings forecasts after their home countries sign the Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU), a nonbinding arrangement established by the International Organization of Securities Commissions to enhance the cross-border enforcement of securities laws. Specifically, we find that after the MMoU, relative to their domestic counterparts in the US, foreign firms cross-listed in the US are not only more likely to issue management earnings forecasts but also issue them more frequently. They also tend to issue better-quality earnings forecasts, as measured by lower surprise, higher precision, greater timeliness, more disaggregation, lower optimism and fewer errors. We find that the observed effects of the MMoU signing are stronger for cross-listed firms from countries with weaker institutional environments, resulting in greater enforcement concerns after the MMoU, and for firms with less foreign institutional ownership before the MMoU. Collectively, our findings support the conjecture that after a US-listed foreign firm's home country enters the MMoU, the firm has more incentives to engage in voluntary disclosure due to greater concerns about regulatory enforcement and increased information demand from investors.     

Search less for a better price

In many markets, sellers must spend resources to learn the costs of providing goods/services. This paper considers consumer searches in such markets. The findings show that: (i) even with ex ante identical consumers and sellers, there is price dispersion in the equilibrium, (ii) despite price dispersion and minimal search costs, it could be optimal to search just two sellers and (iii) the optimal number of searches can increase with sellers' information costs.     

Identifying critical success factors for the agri-food cold chain's sustainable development: When the strategy system comes into play

With serious environmental, cost, and social concerns arising from emerging countries' rapid growth in agricultural food cold chain (AFCC), AFCC firms urgently require a set of comprehensive sustainable strategic solutions. Therefore, this research identified and modeled the critical success factors (CSFs) that support the sustainable development of AFCCs. The study integrated institutional theory, stakeholder theory, and the triple bottom line model; it also surveyed cold chain experts from 16 different organizations in China and applied the adversarial interpretation structure model (AISM). This comprehensive analysis indicates that managing stakeholder pressure is the most motivating CSF of all strategies. This strategy eventually contributes to the sustainability of AFCC in China by driving other CSFs. Additionally, the study determined the degree of interdependence and dominance of different strategies. Thus, this study establishes a theoretical foundation for the sustainable improvement of AFCC organizations' business strategies and environmental policies.     

地方政府“两手”供地策略对产业结构优化的非线性影响——基于合理化与高级化双重视角的考察

研究目的：利用276个地级市2007—2020年的面板数据，分析不同经济发展阶段内，地方政府“两手”供地策略对产业结构合理化、高级化的差别化影响，为调整土地供给策略，推动产业结构优化提供相应的政策启示。研究方法：面板门槛模型。研究结果：（1）对于产业结构合理化，以25 438.02元（2007年价）的人均GDP为门槛，将城市经济发展水平划分为低、高两个阶段，两阶段内地方政府“两手”供地策略对产业结构合理化分别表现为积极与消极影响，消极影响的大小为积极影响的1.78倍。（2）对于产业结构高级化，以23 694.54元（2007年价）的人均GDP为门槛，将城市经济发展水平划分为低、高两个阶段，两阶段内地方政府“两手”供地策略对产业结构高级化分别表现为积极与消极影响，两者大小基本一致。（3）全国层面上，地方政府“两手”供地策略对产业结构合理化与高级化差别化影响的转变出现在2010—2011年间；城市层面上，多数城市积极影响已经转变为消极影响。研究结论：地方政府“两手”供地策略对产业结构合理化、高级化的差别化影响具有同步、同方向的“双同”特征，有序地推进 “两手”供地策略的市场化转型，可以最大程度获取积极影响并避免其消极影响。