Faculty Research

Search Publications

Recent Journal Publications by COB Faculty

Search Publications

Filter & Sort Results: 1256
[clear]
Publication Type Publication Type
Discipline Discipline
Year Published Year Published

Sort by

Apply
Cancel
Showing results for: ""
Results:
Academic Journal
Finance

“The Impact of Governance and Cross-listing on Firm Valuation: Evidence from Chinese Listed Firms”

This study contributes to the limited literature on the link between corporate governance and cross-listing behavior in developing countries. Using recently available financial and accounting data from the Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE) and the Hong Kong (HKEX) exchange, contributes to the literature by documenting an unusual bi-directional flow of cross-listing between mainland China and Hong Kong. Further, estimates reveal a 2.7 cross-listing premium for listed “domestic” SSE and SZSE firms, presenting a departure from the common uni-directional models (Ferris, Kim & Noronha, 2009). This cross-listing premium can be interpreted as indicative that many investors believe there are better opportunities in the SSE and SZSE markets than the HKEX. This study provides new insights on the role of state ownership in reducing firm informational and agency problems, providing evidence that suggests state ownership may provide more information sharing (with other shareholders). Estimates also show that cross-listing has a positive impact on firm valuation as measured by Q -particularly for state-owned enterprises (SOE).
Full Details

Julie Ann Elston and Yingzhou Zhang "The Impact of Governance and Cross-listing on Firm Valuation: Evidence from Chinese Listed Firms" International Journal of Corporate Governance Elsevier

Full Details
Academic Journal
Supply Chain

“The Impact of heterogeneity in consumer characteristics on the design of optimal time-of-use tariffs”

Unlike commercial and industrial sectors where they have been successfully deployed, the rollout of voluntary Time-of-Use (TOU) tariffs in the residential sector has been tepid. One cause for this limited penetration of TOU tariffs in the residential sector is the difficulty in offering appropriate price incentives to a consumer class that is heterogeneous in its demographics and preferences. In this paper, we develop a parsimonious game-theoretic model to shed light on the optimal pricing problem from the utility's perspective when its consumers vary in their electricity consumption scheduling preferences as well as their willingness or flexibility to shift consumption in response to price incentives offered by the utility. Using this model, we generate structural insights into the role of the two types of consumer heterogeneity on the design and potential of voluntary TOU tariffs. We also show how our model and insights can be used to evaluate the current state and potential of TOU tariffs in two U.S. states.
Full Details

Karthik Murali and Dong Gu Choi "The Impact of heterogeneity in consumer characteristics on the design of optimal time-of-use tariffs" Energy Elsevier 2022 View on: Google Scholar

Full Details
Academic Journal
Supply Chain

“The Impact of Shared Sourcing on Knowledge Transfers and Quality Improvement”

We investigate the problem of a buyer's investment in quality-related knowledge to improve the quality of product sourced from a shared supplier who also supplies the same product to other buyers. Knowledge gained via the buyer's investment in the shared supplier can spill over to other buyers who are potentially competing on quality for higher market share. Motivated by an empirical case study detailing the supplier investment practices of an automotive firm, we build and analyze a model informed by observations and theory to explore how (i.e., under what market and economic conditions) firms can gain from investing in quality-related knowledge at shared suppliers. Our analysis suggests that competition and spillovers moderate the buyers' incentives to invest in a shared supplier, and affect investments in quality improvement made by the shared supplier. We further examine the impact of relationship specific characteristics on knowledge investments and quality outcomes, and find that asymmetric profit margins for the shared supplier are a significant driver of asymmetric investment efforts and quality outcomes for the buyers. Our results enrich the observations in the existing literature, highlight the complexity underlying buyer-supplier relationships, and suggest the need for careful attention to a firm's policies for investing in shared suppliers.
Full Details

Karthik Murali and Youngsoo Kim "The Impact of Shared Sourcing on Knowledge Transfers and Quality Improvement" Decision Sciences

Full Details