This study provides empirical evidence that firms with larger boards have lower variability of corporate performance. The results indicate that board size is negatively associated with the variability of monthly stock returns, annual accounting return on assets, Tobin's Q, accounting accruals,...

This study investigates whether compensation committees seek to prevent opportunistic reductions in Ramp;D expenditures. I hypothesize that changes in Ramp;D spending are more strongly positively associated with changes in CEO compensation in two situations: (1) when the CEO approaches...

In certain circumstances, insider trades such as private transactions between executives and their firms could be disclosed after the end of the firm's fiscal year, on a Form-5 filing. We find that insider sales disclosed in such a delayed manner for large firms are predictive of negative future...

We examine the role of institutional investors in firms¡¯ innovation strategies. We find that although institutional shareholding is positively related to the likelihood of patenting, it is not related to firms¡¯ exploratory innovation activities. Moreover, the presence of a block...