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Objective: We previously have established the gross tissue response (GTR) system to evaluate the intraoperative perigastric tissue response after neoadjuvant chemotherapy of gastric cancers. This prospective cohort study aims to confirm the relationship among gross tissue response, postoperative complications, and pathological tumor regression. Methods: A total of 156 gastric cancer cases from January 2018 to December 2019 were enrolled in the study. The fibrosis, edema, and effusion degree of perigastric tissues was intraoperative assessed according to the GTR system. We systematically analyzed relations among the GTR system, clinicopathological characteristics, and postoperative 30-day complications. Results: Finally, the study had included 107 males and 49 female patients. The overall incidence rate of postoperative 30-day complications was 26.28% (41/156). Fibrosis, edema and the total score of the GTR system were significantly related to operation time and postoperative 30-day complications (p

We show that the number of governance provisions imposed on a firm by a strategic alliance partner decreases with the firm's accounting quality. This effect is weaker when the firm has greater bargaining power and stronger when the alliance project is riskier. Moreover, the net benefit to an alliance partner of imposing an additional governance provision on its counterparty apparently increases when the counterparty accounting quality is low, resulting in an enhancement of the partner's market value and a reduction in its bankruptcy risk. Furthermore, alliance partners adopt fewer provisions based on their counterparties' accounting numbers when the counterparties' accounting quality is poor. JEL Classifications: D74; M41.

We examine the impact of managerial mood on corporate tax avoidance—a ubiquitous corporate decision. Using variation in local sunshine as exogenous shocks to managerial mood, we report strong, robust evidence that negative mood induced by cloudy weather leads firms to undertake more aggressive tax positions. Reinforcing the intuition underlying our main result, we find that negative weather-induced mood is positively associated with managers’ subjective perceptions of firms’ financial constraints, but not with their actual financial constraints. In the cross-sectional analysis, we find that the importance of weather-induced mood to tax avoidance subsides when the board has more financial expertise and the tax audit threat is greater—i.e., in situations when managers are held more accountable for their tax planning decisions. Taken together, our findings cast weather-induced managerial mood as a salient contextual factor shaping corporate tax avoidance decisions.

This paper investigates the impact of investor sentiment on conditional accounting conservatism. We find that companies recognize economic losses more (less) timely in earnings during periods of high (low) investor sentiment. Further, the sentiment-conservatism relationship is stronger for firms with greater sentiment-price sensitivity, which confirms that investor sentiment drives the fluctuation in accounting conservatism observed in the paper. We also show that high investor sentiment increases the probability of subsequent lawsuits, and that the sentiment-conservatism association is stronger for companies with higher litigation risk, suggesting that litigation plays an important role in the sentiment-conservatism relationship. Overall, our results suggest that companies report earnings more conservatively in response to high investor sentiment so as to mitigate negative future outcomes resulting from sentiment.

We examine the relation between stock liquidity and corporate tax avoidance. Utilizing a quantile regression framework we document the following key results: a) greater stock liquidity is positively (negatively) associated with the lower (upper) tail of the tax avoidance distribution; b) the effect of stock liquidity on both tails of tax avoidance distribution is magnified for firms with higher business uncertainty; and c) the effect of stock liquidity on the lower (upper) tail of tax avoidance distribution is attenuated (magnified) for the financially constrained firms. Our findings are consistent with the positive feedback theories of market microstructure where, by making share prices more informative to managers, greater stock liquidity affects firm’s tax planning.