Legal origin - civil vs. common law - is said in much modern economic work to determine the strength of financial markets and the structure of corporate ownership, even in the world''s richer nations. The main means are thought to lie in how investor protection and property protection connect to...

The 1998 Annual Capital Expenditure Survey (ACES) provides information on disaggregate investment across a wide range of detailed asset types for a representative sample of roughly 30,000 firms. These rich data on disaggregate investment provides us with a point-in-time snapshot of investment...

The diversification benefit provided by real estate investment trusts (REITs) is of great importance to investors, practitioners and academics. This benefit critically relies on the correlation properties between REIT returns and the factors used to explain REIT returns. Recent studies have...

Instrumental variable (IV) methods are commonly used in accounting research (e.g., earnings management, corporate governance, executive compensation, and disclosure research) when the regressor variables are endogenous. While IV estimation is the standard textbook solution to mitigating...

In this paper, we analyze the information content of stock splits by examining the market's reaction to the joint announcement of both stock splits and cash dividends. Several authors have suggested that splits are merely vehicles to convey information about either dividends or future earnings....

In creating wealth, the corporate sector is hampered by weaknesses in the corporate governance system and the accounting system. The analysis presented in this paper supports recommendations that managements and boards (1) provide value-relevant, long-term track records for the firm and its...

The resource-based view (RBV) appears as a more comprehensive theory than the neoclassical theory to explain value creation in the capitalist system. RBV emphasizes the role of strategic resources to the firm. Barney (1991) adopts the standpoint that the stock of strategic resources is important...