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Hiring Cheerleaders : Board Appointments of "Independent" Directors
Cohen, Lauren - 2010
We provide evidence that firms appoint independent directors who are overly sympathetic to management, while still technically independent according to regulatory definitions. We explore a subset of independent directors for whom we have detailed, micro-level data on their views regarding the...
Persistent link: https://www.econbiz.de/10012758512
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The Limitations of Stock Market Efficiency : Price Informativeness and CEO Turnover
Gorton, Gary B. - 2009
Stock prices are more informative when the information has less social value. Speculators with limited resources making costly (private) information production decisions must decide to produce information about some firms and not others. We show that producing and trading on private information...
Persistent link: https://www.econbiz.de/10013159958
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Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices Over Time
Doidge, Craig - 2010
We study the determinants and consequences of cross-listings on the New York and London stock exchanges from 1990 to 2005. This investigation enables us to evaluate the relative benefits of New York and London exchange listings and to assess whether these relative benefits have changed over...
Persistent link: https://www.econbiz.de/10012760097
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A Framework for Assessing Corporate Governance Reform
Hermalin, Benjamin E.; Weisbach, Michael S. - 2021
In light of recent corporate scandals, numerous proposals have been introduced for reforming corporate governance. This paper provides a theoretical framework through which to evaluate these reforms. Unlike various ad hoc arguments, this framework recognizes that governance structures arise...
Persistent link: https://www.econbiz.de/10013224890
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A Lobbying Approach to Evaluating the Sarbanes-Oxley Act of 2002
Hochberg, Yael V. - 2016
We evaluate the net benefits of the Sarbanes-Oxley Act (SOX) for shareholders by studying the lobbying behavior of investors and corporate insiders to affect the final implemented rules under the Act. Investors lobbied overwhelmingly in favor of strict implementation of SOX, while corporate...
Persistent link: https://www.econbiz.de/10012747810
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Money as a Unit of Account
Doepke, Matthias - 2013
We develop a theory that rationalizes the use of a dominant unit of account in an economy. Agents enter into non-contingent contracts with a variety of business partners. Trade unfolds sequentially in credit chains and is subject to random matching. By using a dominant unit of account, agents...
Persistent link: https://www.econbiz.de/10013074294
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Signaling and Accounting Information
Myers, Stewart C. - 2006
This paper develops a signaling model in which accounting information improves real investment decisions. Pure cash …' interests. Accounting by prespecified, quot;objectivequot; rules alleviates the underinvestment problem …
Persistent link: https://www.econbiz.de/10012783961
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Bank-Tax Conformity for Corporate Income : An Introduction to the Issues
Hanlon, Michelle - 2010
This paper discusses the issues surrounding the proposals to conform financial accounting income and taxable income …. The two incomes diverged in the late 1990s with financial accounting income becoming increasingly greater than taxable … of earnings management for financial accounting and/or the tax sheltering of corporate income. Our paper outlines the …
Persistent link: https://www.econbiz.de/10012762515
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Exchange Rate Pass-Through, Currency of Invoicing and Market Share
Devereux, Michael B. - 2015
This paper investigates the impact of market structure on the joint determination of exchange rate pass- through and currency of invoicing in international trade. A novel feature of the study is the focus on market share of firms on both sides of the market—that is, exporting firms and...
Persistent link: https://www.econbiz.de/10013018317
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Dodging the Taxman : Firm Misreporting and Limits to Tax Enforcement
Carrillo, Paul E. - 2014
Reducing tax evasion is a key priority for many governments, particularly in developing countries. A growing literature has argued that the ability to verify taxpayer self-reports against reports from third parties is critical for modern tax enforcement and the growth of state capacity. However,...
Persistent link: https://www.econbiz.de/10013044977