This study investigates whether the presence of rookie independent directors (rookie IDs) is associated with audit fees and finds a positive association. Moreover, the positive effect of rookie IDs on audit fees is accentuated for firms whose rookie IDs have no academic background, are appointed...

This study examines whether the presence of rookie independent directors (IDs) is associated with audit fees.We find that the presence of rookie IDs increases firm’s audit fees. Moreover, the positive effect of rookie IDs on audit fees is accentuated for firms whose rookie IDs serve for audit...

We test whether military experience of CEOs or chairmen affects stock price crash risk. We find robust evidence that CEOs' or chairmen's military experience reduces crash risk. Our finding holds for various robustness checks including controlling for some additional characteristics of chairmen...

We examine whether directors' and officers' (D&O) liability insurance affects corporate innovation. We find a positive association between D&O insurance and innovation. The result is robust to a series of robustness checks, including Heckman model, longer test windows of corporate innovation and...

Enterprise Resource Planning system (ERP) reshapes the way information is collected, processed, and disseminated, but extant evidence on its effects on a firm's transparency and internal control is mixed. We add to the debate by showing that firms' stock price crash risk decreases following ERP...

This study examines the impact of board directors with foreign experience (BDFEs) on stock price crash risk. We find that BDFEs help reduce crash risk. This association is robust to a series of robustness checks, including firm fixed effects model, Heckman procedure, instrumental variable...

How to protect public investors from expropriation by controlling shareholders in firms with concentrated ownership structures continues to be a challenge for many markets including the U.S. In this paper, we examine the effect of having a token minority activist shareholder on improving...

A novel fluorescent probe based on functional mesoporous material (denoted as SBA-KH-2py) with high sensitivity and selectivity of detecting silver ions (Ag + ) was designed and prepared by immobilizing (4-nitro-2-((pyridin-2-ylmethylene) amino) aniline (denoted as 2py-Schiff base) within the...

This study examines the impact of managerial foreign experience on corporate innovation using manually collected data of Chinese listed companies. We find that managerial foreign experience is positively associated with corporate innovation. This association is robust to a series of robustness...

Using China’s introduction of U.S. style securities class actions (SCA), we examine consequences for shareholder wealth, aggrieved investor compensation, and fraud deterrence. In contrast to previous U.S. evidence, Chinese stock prices respond positively to the SCA rules released on July 31,...