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Item type: Publication , Access status: Metadata only , How does product market competition affect disclosure of management forecasts? Evidence from China imports(2026-07-06) Chen, Zhihong; Hsu, Charles; Zhu, RuichaoPrior research investigates the relation between product market competition and management forecast decisions under the proprietary cost framework. We reexamine this relation through information demand and uncertainty channels, using Chinese imports as a largely exogenous measure of competition. We hypothesize that competition alters the intertemporal nature of management forecasts by raising investor and analyst demand for information about firms’ performance, especially short-term performance, while making it more difficult for managers to provide accurate long-horizon forecasts. Consistent with our predictions, competition increases the issuance of short-horizon forecasts, particularly for firms with greater information demand or higher uncertainty. Conversely, competition decreases the issuance of long-horizon forecasts, with this effect attenuated by information demand but amplified by uncertainty. Additional analyses indicate that our results are inconsistent with alternative explanations based on proprietary costs, outsourcing to China, expectation management, or bad-news hoarding. Our study offers new insights into how competition influences management forecast decisions.Item type: Publication , Access status: Metadata only , When Are Pay Gaps Good or Bad for Firm Performance? Evidence from China(2020) Luo, Jin Hui; Xiang, Yuangao; Zhu, RuichaoThere is still an ongoing debate regarding the firm performance implications of pay gaps between top executives and subordinate employees. This study integrates relative deprivation theory and tournament theory to investigate the potential nonlinear effects of pay gaps. We expect that at low levels of pay inequality, increased inequality hurts firm productivity, while at higher levels of pay inequality, increased inequality helps firm productivity. Our study of Chinese firms confirms that pay gaps have an approximately U-shaped relationship with firm performance. This nonlinear relationship is weaker in state-owned enterprises (SOEs) than in non-SOEs, suggesting that state ownership is an important moderator in the association. Overall, this study explains previous mixed findings regarding consequences of pay gaps with meaningful implications for policymakers and entrepreneurs in China and other economies with similar cultural and institutional backgrounds.Item type: Publication , Access status: Metadata only , Military top executives and corporate philanthropy: Evidence from China(2017-09-01) Luo, Jin hui; Xiang, Yuangao; Zhu, RuichaoThis study, conducted in the context of China, investigates how the military experience of top executives influences their corporate philanthropy. Using a data set of 12,437 firm-year observations from China’s A-share firms listed on the Shanghai and Shenzhen stock exchanges between 2004 and 2013, we found that firms run by military top executives significantly donate less than those led by non-military top executives. Moreover, the reduction effect of military experience on corporate philanthropy is found to be more pronounced for firms located in regions with less developed markets, especially when firms’ chairmen have military background. This may be because military top executives are reluctant to illegitimately use corporate philanthropy due to a strong sense of ethics gained from their military service experience. These results are robust after adopting the propensity score matching (PSM) method to tackle the potential sample selection bias. Our findings provide a new interpretation of military experience and have important implications for understanding corporate philanthropy in China and in emerging markets in general.Item type: Publication , Access status: Metadata only , New solvable lattice models in three dimensions(1992) Bazhanov, V. V.; Baxter, R. J.In this paper we establish a remarkable connection between two seemingly unrelated topics in the area of solvable lattice models. The first is the Zamolodchikov model, which is the only nontrivial model on a three-dimen-sional lattice so far solved. The second is the chiral Potts model on the square lattice and its generalization associated with the Uq(sl(n)) algebra, which is of current interest due to its connections with high-genus algebraic curves and with representations of quantum groups at roots of unity. We show that this last "sl(n)-generalized chiral Potts model" can be interpreted as a model on a threedimensional simple cubic lattice consisting of n square-lattice layers with an N- valued (N≥2) spin at each site. Further, in the N=2 case this three-dimen-sional model reduces (after a modification of the boundary conditions) to the Zamolodchikov model we mentioned above.Item type: Publication , Access status: Metadata only , Quantum field theories in finite volume: Excited state energies(1997-04-07) Bazhanov, Vladimir V.; Lukyanov, Sergei L.; Zamolodchikov, Alexander B.We develop a method of computing the excited state energies in Integrable Quantum Field Theories (IQFT) in finite geometry, with the spatial coordinate compactified on a circle of circumference R. The IQFT "commuting transfer matrices" introduced earlier [Commun. Math. Phys. 177 (1996) 381] for Conformal Field Theories (CFT) are generalized to non-conformal IQFT obtained by perturbing CFT with the operator Φ1.3. We study the models in which the fusion relations for these "transfer matrices" truncate and provide closed integral equations which generalize the equations of the thermodynamic Bethe ansatz to excited states. The explicit calculations are done for the first excited state in the "scaling Lee-Yang model".