We examine the stock price impact of corporate site visits using a unique dataset of site visits to listed firms in China. Our main findings are as follows. First, the market reaction around corporate site visits is statistically and economically significant and is stronger for group visits,...

How to address managerial short-termism has been an important issue for companies, regulators, and researchers. In this paper we examine the impact of CEO contractual protection, in the form of employment agreements and severance pay agreements, on managerial short-termism. We find that firms...

Prior research finds that the decline in the information content of earnings after restatement announcements is short-lived and that the earnings response coefficient (ERC), the proxy for the information content of earnings, bounces back after three quarters. We re-examine the persistence of the...

Using the adoption of SFAS 142 as an exogenous shock, we examine the effect of changes in financial reporting on firms' internal information environment. SFAS 142 removed goodwill amortization and required firms to perform a two-step impairment test. We argue that complying with SFAS 142 induces...

In-house tax investment is a significant input to a firm's tax decisions. Yet, due to the lack of data, there is little empirical evidence on how corporate tax departments are associated with tax planning and compliance outcomes. Using hand-collected data on corporate tax employees in S&P1500...

In this paper, we evaluate the economic value of a blockchain application. In the context of asset-backed securities (ABS) issuance in China, where some ABS are issued with blockchain technology and others are not, we find that the use of blockchain significantly reduces the coupon yield at...

Using data from China, we examine whether and how the incentive to boost GDP growth at the government level affects earnings management at the firm level. We find that firms in provinces with GDP growth lower than the national level or the average of the adjacent provinces are more likely to...

We examine whether internal governance affects the extent of real earnings management in U.S. corporations. Internal governance refers to the process through which key subordinate executives provide checks and balances in the organization and affect corporate decisions. Using the number of years...