to incentivize entrenched managers to focus on shareholders' best interests. A fast-learning acquirer bids frequently and …

rational managers engage in misreporting, in spite of the costly consequences. We present a simple extension to the Fischer and … in the reputation costs observed after a restatement, such that managers only reduce future bias if the observed cost of … based on more restatements. Our results indicate that rational managers use the insights from prior restatements to improve …

The purpose of this paper is twofold. 1) We propose for the first time in the literature a theory (managerial learning … hypothesis) that may explain why managers engage in corporate social responsibility (CSR). 2) We use an intuitive empirical … methodology (Edmans et al. 2017) to test the relevance/irrelevance of our new theory. The idea behind our main contribution is …