This study addresses some aspects of the financial impact on women under the Social Security benefits reform or redistribution. This paper presents a preliminary result of the study. A multiple decrement model (LL Model) is developed based on a proxy population of U.S. women and its demographic...

In this study, we assess the balance sheet exposure of commercial banks to the real estate market, and develop a hypothesis on the potential systematic effects of real estate conditions across banks. By applying a seemingly unrelated regression (SUR) model to bank portfolios, we test for the...

We examine earnings management around the annual general meeting (AGM) and assess the influence of managerial entrenchment. Consistent with prior research, we show positive and statistically significant abnormal returns surrounding AGMs regardless of the level of managerial entrenchment. We find...

We provide evidence that when more than half of a firm's voting shareholders disapprove of the executive pay plan, the spillover effects are significantly positive for peers of non-financial firms and significantly negative for peers of financial firms. The valuation effects are positively...

We analyze the changes in capital market risk measures following the passage of the Sarbanes-Oxley (SOX) Act of 2002 for publicly-traded insurers. The most substantive impact occurs for life insurers, who experience significant increases in all risk measures, although we also document...