Research by the HKUST’s Charles Hsu shows that disclosures of non-GAAP earnings numbers are associated with a greater risk of stock price crashes. Working with international collaborators, Hsu found that non-GAAP disclosures enable managers to divert investors’ attention from bad news included in GAAP earnings. This mechanism, which is substitutive to ... 阅读更多

In the early days of online retailing, many online retail platforms operated as “reselling channels”—purchasing goods from manufacturers and reselling them to consumers. Over time, some platforms (notably Amazon and JD) established “agency channels” (also known as “marketplace channels”) that allowed manufacturers to sell directly to consumers. Through their ... 阅读更多