To defeat others in the battle for market share, firms routinely launch different loyalty programs, deeply influencing customer purchasing decisions. The widespread availability of such programs imply competing firms face the challenge of disentangling the interactive impact to make informed pricing and promotional decisions, especially in competitive ... 閱讀更多

It is well known that financial market regulation has grown stronger over the years. For example, legislation has mandated that publicly-listed firms increase their transparency by disclosing more information in their financial statements. This level of disclosure has had the effect of reducing the cost of capital, levelling the information playing field for ... 閱讀更多

“Fair value” is a gold standard in valuation, but there is no consensus on its usefulness in other areas, such as evaluating management performance. HKUST’s Mingyi Hung and her colleagues settle this dispute in important new work, contending that fair value accounting may actually be unhelpful when it comes to contracting. This finding is particularly ... 閱讀更多