We investigate whether societal-level social capital enjoyed by firms affects their cost of bank loans. Employing a county-level measure of societal-level social capital, we find that firms with higher social capital are associated with lower loan spreads and the effect is robust after...

We examine whether a stock price spillover effect spreads through the method of listing or country of origin and whether this spillover effect changes when investor sentiment shifts. Using a sample of fraud allegations against Chinese companies that became public through reverse mergers (CRMs),...

We examine whether a stock price spillover effect spreads through the method of listing or country of origin and whether this spillover effect changes when investor sentiment shifts. Using a sample of fraud allegations against Chinese companies that became public through reverse mergers (CRMs),...

ASC 842, the new lease standard in the U.S., tightened lease reporting requirements and significantly increased the balance sheet’s total leverage. In this study, we focus on the balance sheet effect of ASC 842 and examine whether the increased disclosures and the formal recognition of...

Negative book value firms have become more prevalent in recent years, ranging from 0.41% of all Compustat firms in 1961 to 12.47% in 2016 with highest representations in the healthcare, telecommunication, and computer electronic industries. Since debtholders exercise strong scrutiny on...

This article reviews family firm studies in the finance and accounting literature, primarily those conducted using data from the United States and China. Family owners have unique features such as concentrated ownership, long investment horizon, and reputation concerns. Given the distinguishing...