We examine the role that the emotional and mental states of innovative workers have on firm value through the innovation channel. Analyzing a large inventor-level dataset, we find that sunshine-induced mood is positively associated with the economic value that inventors generate for their firms...

We examine the impact of shared auditors, defined as audit firms that provide audit services to a target and its acquirer firm prior to an acquisition, on transaction outcomes. We find shared auditors are observed in nearly a quarter of all public acquisitions and targets are more likely to...

We explore the determinants of compensation gaps between a firm's CEO and its other top executives, and compare the ability of two competing optimal contracting theories, namely tournament theory and productivity theory, to explain the cross sectional variability in these gaps across firms. We...

We study how globalization has changed the source and aggressiveness of inside trading around the world and identify its determinants. Using a sample of acquisitions of firms in 52 countries announced between 1991 and 2014, we find systematically higher likelihood of insider trading in target...

We examine the economic benefits of acquisitions of U.S. public firms. Estimating revelation biases concerning internal investment opportunities, we find that it produces a significant negative bidder announcement effect, often interpreted as shareholder wealth destruction. Examining exogenously...

This study uses survey data to demonstrate how risk culture, over and above employee characteristics and risk structures, affects risk behaviour in banks. In 2014-2015 we surveyed employees from seven major banks headquartered in Australia and Canada. All seven have adopted best practice risk...

The IPO of Alibaba was the biggest IPO on record. However, outside shareholders who invest in Alibaba will have little say in how the company is actually run. The firm has put in place a number of mechanisms that make it deviate from the principles of good corporate governance. This paper uses...