Job Market Signaling and Employer Learning This paper extends the job market signaling model of Spence (1973) by allowing firms to learn the ability of their employees over time. Contrary to the model without employer learning, we find that the Intuitive Criterion does not always select a unique separating equilibrium. When the Intuitive Criterion bites and information is purely asymmetric, the...

This study extends from Liu and Mei (1992) by further investigation of assets, real estate related securities, which includes both equity and mortgage real estate investment trusts (REITs), the stocks of builderand owner-companies, and mortgagebacked securities (MBSs). There are five major findings. First, expected excess returns of real estate related securities are more predictable than the e...

To solve the problem of large gap in regulation resources power system due to number wind connected grid and help achieve strategic energy goal “carbon neutrality carbon peaking,” demand-side adjustable energy-intensive load is taken as research object this paper, a two-stage low-carbon economic scheduling method with multi-form (MEL) proposed. First, operating characteristics MEL are analyzed....

The emergence of the global economy has transformed the interdepartmental nature of a transnational enterprise into a highly collaborative oriented team. This transformation enables the enterprise to lower its transaction and coordination costs and increase its competitive advantage in the global market. This study investigates such a so-called intra-supply chain system that exists in present-d...

In a model with endogenous number of innovating firms, we show that whether patent protection increases R&D investment is ambiguous, and depends on the market demand function and the cost of R&D. If the market size increases with number of firms, patent protection reduces R&D investment if the cost of R&D is sufficiently high, and higher product differentiation increases the possibility of lowe...

This paper presents the case for and the evidence in favour of passive investment strategies and examines the major criticisms of the technique. I conclude that the evidence strongly supports passive investment management in all markets—smallcapitalisation stocks as well as large-capitalisation equities, US markets as well as international markets, and bonds as well as stocks. Recent attacks on...

This study investigates the effect of product market competition on overreaction to intra-industry information transfers. Prior studies show that stock overreacts transfers resulting from earnings announcements early peer firms; however, few how occurs. reveals investors overreact more in higher competition. It also finds competitive environments, negative than they do positive The results impl...