We examine how country-level legal and institutional differences in creditor and shareholder rights shape the use of bond covenants. Using comprehensive debt covenant information for a sample of Yankee bonds issued by firms from more than 50 countries, we find that bond contracts for firms...

We examine the relation between the presence of golden parachutes and the cost of debt financing. We hypothesize that since golden parachutes compensate CEOs in the event of termination, CEOs with golden parachutes will have an incentive to increase firm risk and decrease effort, and this will...

The purpose of this paper is to explore audit quality in nonprofit healthcare organizations by investigating differences in audit report outcomes. Specifically, we examine the relationship between auditor type and auditor-disclosed internal control exceptions in Circular A-133 audits of U.S....

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This study investigates the impact of job complexity and firm as well as CFO-specific performance on CFO compensation. We examine job complexity in terms of the intricacies of a firm’s operations and whether the CFO serves on the Board of Directors. Accounting and stock market rates of return...

We investigate the change in the value-relevance of earnings and book value information in the financial industry compared to other industries from 1970 to 2005. Prior literature provides mixed evidence as to whether value-relevance reduces over time. Using Ohlson’s model, we find increasing...

This paper presents evidence of favorable management of qualified pension plans with large proportion of highly compensated employees. Defined-benefit pension plans that are dominated by highly compensated employees tend to contribute beyond the minimum amount required under Internal Revenue...