This paper examines the sizes of the fines, damage awards, remediation costs, and market value losses imposed on companies that violate environmental regulations. Firms violating environmental laws suffer statistically significant losses in the market value of firm equity. The losses, however,...

"In the Grutter case, Justice O'Connor suggested that universities could justifiably try to enroll a "critical mass" of minority students. Enroll fewer than that "critical mass," reason some observers, and minority students will feel too marginalized to perform at their highest levels. In this...

Many researchers use the G-index or E-index to measure firms' takeover defenses. Others argue that these indices are not related to firms' takeover likelihoods. We find that, unlike their raw values, the instrumented versions of these indices are significantly and negatively related to...

Antitakeover provisions play a central role in corporate governance research. But there is little agreement over which, if any, provisions affect takeover likelihoods. As a result, researchers variously use the G-index, E-index, ad hoc indices, or selected individual provisions such as...

We examine the labor market consequences for directors who adopt poison pills. Directors who become associated with pill adoption experience significant decreases in vote margins and increases in termination rates across all their directorships. They also experience a decrease in the likelihood...

According to many business publications, firms that experience information security breaches suffer substantial reputational penalties. This paper examines incidents in which confidential information - for a firm's customers or employees - is stolen from or lost by publicly traded companies....

We investigate whether insider trading restrictions had their intended effects during the 1960s and 1970s. We do so by examining insider trading and stock market behavior prior to dividend initiations and omissions announced between 1935 and 1974. Contrary to existing research and commentary, we...