This paper explores the dimensions of resolving disputes in cybersecurity and uses the Federal Arbitration Statute and the Courts to bind the parties to their contracts.The paper explores artificial intelligence and t...This paper explores the dimensions of resolving disputes in cybersecurity and uses the Federal Arbitration Statute and the Courts to bind the parties to their contracts.The paper explores artificial intelligence and the nuances of legal issues that potentially could arise and applies dispute resolution modalities to help businesses become more productive as opposed to being mired down in litigation,creating an efficient path forward.Reading this paper is worth your time because:(1)you will learn how to use the court system to achieve good results in cybersecurity and artificial intelligence disputes applying the Federal Arbitration Statute;(2)you will become more efficient many times over;(3)with so many disputes and so little time,and inflation having increased the cost of doing business,we can ill afford to waste money.Finding solutions that have the full authority of the courts,without going through litigation,is essential to profitability.The need is great to stop fighting and start mending.The method prescribed in this paper solves problems with the support of a court judgment without the entanglement and the expense of litigation.展开更多
This paper studies the effect of option trading on corporate investment and financing policies.Based on prior literature,I hypothesize that option market induces informed trading and thus reduces information asymmetry...This paper studies the effect of option trading on corporate investment and financing policies.Based on prior literature,I hypothesize that option market induces informed trading and thus reduces information asymmetry and the cost of capital.As a result,firms with high option trading have more investment and financing.Specifically,based on the United States public data,this paper finds that option trading volume increases corporate investment and financing,but reduces cash holdings and corporate payouts.These results are robust to the inclusion of industry or firm fixed effect,a control for endogenous options trading,and the use of alternative measures of option trading and corporate policies.The effect of option trading is stronger for firms with higher information asymmetry problems.Finally,this paper finds the results are inconsistent with the“quiet Life”hypothesis and the catering hypothesis.展开更多
This paper examines the consequences of exits from political unions and the split of countries on capital structure decision especially the leverage,taking Sudan split(2011)as a practical case.Where the split between ...This paper examines the consequences of exits from political unions and the split of countries on capital structure decision especially the leverage,taking Sudan split(2011)as a practical case.Where the split between the two countries presents a challenge to companies in Sudan,especially they have not faced such a situation before in their businesses.This paper studies the impacts of the split on the capital structure during the period before and after the split,between 2008 and 2015,using a database of five different companies from different sectors,from Sudan.A regression model was adopted to study the impact of the split on the variables in order to analyze the variation in the ratios before and after the split.The results show that the political decisions such as split have a lot of consequences on the capital structure.展开更多
This paper examines the consequences of exits from political unions or the split of countries on dividend policy decision,taking the Ethiopian split as a practical case,considered as a major factor in the increase of ...This paper examines the consequences of exits from political unions or the split of countries on dividend policy decision,taking the Ethiopian split as a practical case,considered as a major factor in the increase of political tension with Eritrea especially after the secession,that led to the increase in successive political conflicts and dispute over the past years till now.This paper studies the impacts of political conflicts that have been companied with split to this day especially during the period between 2010 and 2019,using a database of six companies from different sectors,from Ethiopia.The results show that the political conflicts such as split have a direct impact on the dividend policy.展开更多
Reviewing the background of dividend policy adopted by public corporations in China, this paper investigates the relationship between dividend policy of public corporation and the state supervisory policy upon the pro...Reviewing the background of dividend policy adopted by public corporations in China, this paper investigates the relationship between dividend policy of public corporation and the state supervisory policy upon the promulgation and implementation of Regulatory Measures on New Issues of Public Corporations in 2001. We collect all listed companies with dividend distribution from 1992 to 2002 as sample data. The results of analyses indicate that corporate dividend is affected evidently by the state supervisory policy and different majority shareholders have distinct reaction to governance. The majority shareholders are obviously motivated to maximize their benefits and evade the supervision from the state. At last we propose that supervisory policy of corporations should adopt unambiguous guideline.展开更多
We investigate the unique role and mechanisms of industry growth in firms’risk-taking policies.We find that industry growth is negatively associated with corporate risk-taking,consistent with the prospect theory that...We investigate the unique role and mechanisms of industry growth in firms’risk-taking policies.We find that industry growth is negatively associated with corporate risk-taking,consistent with the prospect theory that a high-growth industry gives firms a superior external environment,which may cause them to refrain from corporate risk-taking as in the saying“thinking of peace when rich.”This correlation is stronger for product market leaders,industries encouraged by industry policies and industries that receive more government support.Firms reduce risk-taking through various corporate policies,including long-term,high-value investments,operational efficiency and cash holdings in response to high industry growth.Overall,our results are consistent with industry growth negatively affecting corporate risk-taking.展开更多
Using a unique set of data on fund use by China's listed companies, this paper examines how macroeconomic uncertainty works on corporate investment. The study shows that macroeconomic uncertainty affects corporate in...Using a unique set of data on fund use by China's listed companies, this paper examines how macroeconomic uncertainty works on corporate investment. The study shows that macroeconomic uncertainty affects corporate investment behavior through the three channels of external demand, liquidity demand and long-term fund demand, However, the result is influenced by expectations and can differ across firms depending on their economic cycle, shareholder character, industrial character and the financial constraints they are exposed to. Specifically, high macroeconomic uncertainty can weaken the positive roles of these channels, especially those of external demand and liquidity demand, in driving corporate investment. During economic upturns, the effect of these channels is the most evident among state-owned firms, manufacturing firms and low cash dividend firms. The lessons from this study are that macroeconomic policies should be leveraged taking account of the channels through which economic shocks find their way, and monetary policies have to be implemented by targeting microscopic fund demand.展开更多
文摘This paper explores the dimensions of resolving disputes in cybersecurity and uses the Federal Arbitration Statute and the Courts to bind the parties to their contracts.The paper explores artificial intelligence and the nuances of legal issues that potentially could arise and applies dispute resolution modalities to help businesses become more productive as opposed to being mired down in litigation,creating an efficient path forward.Reading this paper is worth your time because:(1)you will learn how to use the court system to achieve good results in cybersecurity and artificial intelligence disputes applying the Federal Arbitration Statute;(2)you will become more efficient many times over;(3)with so many disputes and so little time,and inflation having increased the cost of doing business,we can ill afford to waste money.Finding solutions that have the full authority of the courts,without going through litigation,is essential to profitability.The need is great to stop fighting and start mending.The method prescribed in this paper solves problems with the support of a court judgment without the entanglement and the expense of litigation.
文摘This paper studies the effect of option trading on corporate investment and financing policies.Based on prior literature,I hypothesize that option market induces informed trading and thus reduces information asymmetry and the cost of capital.As a result,firms with high option trading have more investment and financing.Specifically,based on the United States public data,this paper finds that option trading volume increases corporate investment and financing,but reduces cash holdings and corporate payouts.These results are robust to the inclusion of industry or firm fixed effect,a control for endogenous options trading,and the use of alternative measures of option trading and corporate policies.The effect of option trading is stronger for firms with higher information asymmetry problems.Finally,this paper finds the results are inconsistent with the“quiet Life”hypothesis and the catering hypothesis.
文摘This paper examines the consequences of exits from political unions and the split of countries on capital structure decision especially the leverage,taking Sudan split(2011)as a practical case.Where the split between the two countries presents a challenge to companies in Sudan,especially they have not faced such a situation before in their businesses.This paper studies the impacts of the split on the capital structure during the period before and after the split,between 2008 and 2015,using a database of five different companies from different sectors,from Sudan.A regression model was adopted to study the impact of the split on the variables in order to analyze the variation in the ratios before and after the split.The results show that the political decisions such as split have a lot of consequences on the capital structure.
文摘This paper examines the consequences of exits from political unions or the split of countries on dividend policy decision,taking the Ethiopian split as a practical case,considered as a major factor in the increase of political tension with Eritrea especially after the secession,that led to the increase in successive political conflicts and dispute over the past years till now.This paper studies the impacts of political conflicts that have been companied with split to this day especially during the period between 2010 and 2019,using a database of six companies from different sectors,from Ethiopia.The results show that the political conflicts such as split have a direct impact on the dividend policy.
文摘Reviewing the background of dividend policy adopted by public corporations in China, this paper investigates the relationship between dividend policy of public corporation and the state supervisory policy upon the promulgation and implementation of Regulatory Measures on New Issues of Public Corporations in 2001. We collect all listed companies with dividend distribution from 1992 to 2002 as sample data. The results of analyses indicate that corporate dividend is affected evidently by the state supervisory policy and different majority shareholders have distinct reaction to governance. The majority shareholders are obviously motivated to maximize their benefits and evade the supervision from the state. At last we propose that supervisory policy of corporations should adopt unambiguous guideline.
基金the financial support of the National Natural Science Foundation of China(Grant No.71972189,71902201,71790603)the National Office for Philosophy and Social Science(Grant No.19FGLB048)+1 种基金the Natural Science Foundation of Guangdong Province(Grant No.2018A0303130328)the Guangdong Planning Office of Philosophy and Social Science(Grant No.GD18CYJ09)
文摘We investigate the unique role and mechanisms of industry growth in firms’risk-taking policies.We find that industry growth is negatively associated with corporate risk-taking,consistent with the prospect theory that a high-growth industry gives firms a superior external environment,which may cause them to refrain from corporate risk-taking as in the saying“thinking of peace when rich.”This correlation is stronger for product market leaders,industries encouraged by industry policies and industries that receive more government support.Firms reduce risk-taking through various corporate policies,including long-term,high-value investments,operational efficiency and cash holdings in response to high industry growth.Overall,our results are consistent with industry growth negatively affecting corporate risk-taking.
基金Yizhong Wang is thankful to the Major Projects of the National Social Science Foundation of China (10zd&034), the Projects of the National Social Science Foundation of China (12CJY115) and the Projects of the Foundation for the Author of National Excellent Doctoral Dissertation of P. R. China (201102). Frank M. Song acknowledges support from the Projects of the National Social Science Foundation of China (71373011). Both authors are grateful to an anonymous reviewer for his/her valuable advice, to participants in the first Macroeconomic Policy and Microeconomic Behavior Symposium, the third Young Financial Academic Elite Roundtable Symposimn and the Peking University Financial Innovation and Development Seminar for their kind comments and suggestions, and to Lifang Chen, Limin Fu, Yi Fan, Yi Hu, Lan Li, Zhongyuan Lu, ~ihui Shi and Yuelin Wei for their excellent assistance. Any errors or mistakes herein, are the authors.
文摘Using a unique set of data on fund use by China's listed companies, this paper examines how macroeconomic uncertainty works on corporate investment. The study shows that macroeconomic uncertainty affects corporate investment behavior through the three channels of external demand, liquidity demand and long-term fund demand, However, the result is influenced by expectations and can differ across firms depending on their economic cycle, shareholder character, industrial character and the financial constraints they are exposed to. Specifically, high macroeconomic uncertainty can weaken the positive roles of these channels, especially those of external demand and liquidity demand, in driving corporate investment. During economic upturns, the effect of these channels is the most evident among state-owned firms, manufacturing firms and low cash dividend firms. The lessons from this study are that macroeconomic policies should be leveraged taking account of the channels through which economic shocks find their way, and monetary policies have to be implemented by targeting microscopic fund demand.