Technological imitation may play a crucial role in motivating firms to innovate However, theoretical predictions and empirical findings on the role of imitation have not yet reached a consensus

Using a semiparametric smooth-coefficient partial adjustment model, this study finds evidence for asymmetric peer effects on capital structure adjustment speeds

We examine the effect of stock liquidity on a firm’s choice between debt and equity when funding its investment activities

Using US patent data for the period 1977–2005, we find that there are inverted-Ushaped relationships between the degree of industry-level technological imitation and industry-level innovation activities and between the degree of industry-level

This paper proposes a politico-economic theory of public debt dynamics that a policy maker decides on fiscal policies for being elected by voters of overlapping generations who face uninsurable idiosyncratic risk on their disposable incomes

This study examines the effects of uncertainty on the value of cash holdings

Detecting and predicting financial bubbles have become crucially important because of the economic significance of endogenous market crashes

Observed bequest patterns of widely diverse societies are polarized into equigeniture (dividing bequests equally) and unigeniture (giving all to one child)

This study proposes a generalized partial adjustment model of dividends in which managers set target dividends based on adaptively-formed earnings prospects

The massive rural-to-urban migration is one of the most important features of China’s labor market during the past decades