This paper investigates how economic policy uncertainty affects firms’frequency and their choice of financial instruments to raise capital.By applying a three-step sequential framework over a sample of 6834 publicly ...This paper investigates how economic policy uncertainty affects firms’frequency and their choice of financial instruments to raise capital.By applying a three-step sequential framework over a sample of 6834 publicly listed US non-financial firms,we find that during periods of high economic uncertainty,firms raise capital more frequently with a preference toward debt financing.The empirical findings suggest that firms prefer debt financing over equity financing to avoid ownership dilution and high equity premia.The rise in leverage during periods of high economic uncertainty highlights the importance of scrutinizing policy tools used to stabilize the economy during such times.展开更多
A wide difference of opinion exists about the content and composition of emotions. Advertising may influence an audience and their buying decisions about products and services. The objective of this study is to better...A wide difference of opinion exists about the content and composition of emotions. Advertising may influence an audience and their buying decisions about products and services. The objective of this study is to better conceptualize how women emotionally respond to emotional advertisements （EAs）. The variant views are integrated into an ACE model, composed of subordinate levels of emotions （E）, celebrity endorsements （C）, and appeal drivers （A）. This empirical study examines women＇s emotional response using data from 240 Chinese women respondents. The study participants were invited to develop ACE mix based advertisements and fill out questionnaires. PLS-SEM analysis, a novel approach in ACE advertisement development and its applicability to consumer behavior, was used. The results show that showbiz celebrities expressing the emotion of happiness with music and color make the most effective ACE mix to influence the consumption behavior of women. The results are significantly mediated by attention levels and are widely applicable in the burgeoning advertising industry. The study also calls for further research with different ACE mixes in different contexts and on different audiences. It also opens doors for policy making and an appropriate understanding of women＇s consumption behavior in the Chinese context.展开更多
文摘This paper investigates how economic policy uncertainty affects firms’frequency and their choice of financial instruments to raise capital.By applying a three-step sequential framework over a sample of 6834 publicly listed US non-financial firms,we find that during periods of high economic uncertainty,firms raise capital more frequently with a preference toward debt financing.The empirical findings suggest that firms prefer debt financing over equity financing to avoid ownership dilution and high equity premia.The rise in leverage during periods of high economic uncertainty highlights the importance of scrutinizing policy tools used to stabilize the economy during such times.
文摘A wide difference of opinion exists about the content and composition of emotions. Advertising may influence an audience and their buying decisions about products and services. The objective of this study is to better conceptualize how women emotionally respond to emotional advertisements （EAs）. The variant views are integrated into an ACE model, composed of subordinate levels of emotions （E）, celebrity endorsements （C）, and appeal drivers （A）. This empirical study examines women＇s emotional response using data from 240 Chinese women respondents. The study participants were invited to develop ACE mix based advertisements and fill out questionnaires. PLS-SEM analysis, a novel approach in ACE advertisement development and its applicability to consumer behavior, was used. The results show that showbiz celebrities expressing the emotion of happiness with music and color make the most effective ACE mix to influence the consumption behavior of women. The results are significantly mediated by attention levels and are widely applicable in the burgeoning advertising industry. The study also calls for further research with different ACE mixes in different contexts and on different audiences. It also opens doors for policy making and an appropriate understanding of women＇s consumption behavior in the Chinese context.
