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Purpose – This study explores the probability of expropriation of minority shareholders by controlling shareholders in the form of CEO compensation under an imperfect governance institution by using a novel Chinese dataset over 2001–2010.

Design/methodology/approach – We use a direct method to gauge controlling shareholders’ tunneling and expropriation of minority shareholders, and we present a simple model to link corporate governance and the degree of entrenchment by the largest shareholder. We use both Logit and Probit models to predict the likelihood of tunneling and use two-stage least square (2SLS) regression to address the endogeneity issues.

Findings – There are significant deterioration effects between controlling shareholder's tunneling and firm performance. Firms with more tunneling activities typically have larger controlling ownership, greater evidence of state control, less balance of power among large shareholders, and weaker board characteristics.

Research limitations/implications – The positive relationship between controlling shareholders’ tunneling and executive compensation implies that the controlling shareholder might divert personal benefits from the public firms at the expense of minority shareholders.

Originality/value – We focus on the effects of corporate governance restructuring on executive compensation and controlling shareholders’ tunneling in the Chinese context, and we also investigate whether these effects are stronger with the involvement of state ownership. We empirically address the issues between executive compensation and expropriation of minority shareholders.

The purpose of this paper is to reexamine the impact of investor sentiment on real estate investment trust (REIT) returns using direct, survey-based measures of sentiment to categorize sentiment from institutional and individual investors.

The authors provide a framework in which sentiment is classified into individual and institutional investor sentiment under the assumption that investors, depending on sophistication, react differently to the same set of information and will influence REIT prices differently. The authors employ a methodology that uses panel regression analyses and divides the sample of REITs into size and performance portfolios.

The regression results suggest that institutional investor sentiment is positively and significantly related to REIT returns contemporaneously for multiple sample specifications. These results are consistent with high levels of institutional ownership in REITs. Results also suggest that individual investor sentiment only influences small capitalization and low-α portfolios.

The findings provide more evidence on the influence of investor sentiment on security pricing even for highly regulated sectors such as the REIT industry. Investors may use changes in sentiment as signals for portfolio rebalancing and capital allocations.

This study is motivated in part by the fact that the unfolding 2022 bear market, which has reached the −25% drawdown, has not been preceded by the inverted 10Y-3 m spread or an inverted near-term forward spread.

The authors develop a three-factor probit model to predict/explain the deep stock market drawdowns, which the authors define as the drawdowns in excess of 20%.

The study results show that (1) the rising credit risk predicts a deep drawdown about a year in advance and (2) the monetary policy easing precedes an imminent drawdown below the 20% threshold.

This study three-factor probit model shows adaptability beyond the typical recessionary bear market and predicts/explains the liquidity-based selloffs, like the 2022 and possibly the 1987 deep drawdowns.

On April 2, 1987, IBM unveiled a series of long‐awaited new hardware and software products. The new computer line, dubbed the Personal Systems 30, 50, 60, and 80, seems destined to replace the XT and AT models that are the mainstay of the firm's current personal computer offerings. The numerous changes in hardware and software, while representing improvements on previous IBM technology, will require users purchasing additional computers to make difficult choices as to which of the two IBM architectures to adopt.

President Bill Clinton has had many opponents and enemies, most of whom come from the political right wing. Clinton supporters contend that these opponents, throughout the Clinton presidency, systematically have sought to undermine this president with the goal of bringing down his presidency and running him out of office; and that they have sought non‐electoral means to remove him from office, including Travelgate, the death of Deputy White House Counsel Vincent Foster, the Filegate controversy, and the Monica Lewinsky matter. This bibliography identifies these and other means by presenting citations about these individuals and organizations that have opposed Clinton. The bibliography is divided into five sections: General; “The conspiracy stream of conspiracy commerce”, a White House‐produced “report” presenting its view of a right‐wing conspiracy against the Clinton presidency; Funding; Conservative organizations; and Publishing/media. Many of the annotations note the links among these key players.

This paper describes the personal history and intellectual development of Morris B. Holbrook (MBH), a participant in the field of marketing academics in general and consumer research in particular.

The paper pursues an approach characterized by historical autoethnographic subjective personal introspection or HASPI.

The paper reports the personal history of MBH and – via HASPI – interprets various aspects of key participants and major themes that emerged over the course of his career.

The main implication is that every scholar in the field of marketing pursues a different light, follows a unique path, plays by idiosyncratic rules, and deserves individual attention, consideration, and respect … like a cat that carries its own leash.

In the case of MBH, like (say) a jazz musician, whatever value he might have depends on his originality.

Provides a bibliography of CD‐ROM for librarians, covering case studies, costs, product evaluation guidelines, databases, CDI, downloading/copyright and CD vs. online, for use when making decisions about the adoption of CD‐ROM.