This paper comprehensively examines whether the presence of interlocked directors on a board is associated with weak governance. For a sample of 3,566 firm-years over the 2001-2003 time period, we find that firms with lower industry-adjusted firm performance are more likely to have interlocked...

This paper examines the relation between earnings management and the marginal cost of debt to the firm using a sample of traded corporate bonds for the period 1994-2005. The marginal cost of debt is captured by market determined yield spreads, while earnings management is proxied by three...

This paper examines the price response to large block transactions made on the Australian Stock Exchange during the 1999 sample period. We find asymmetry in the price reaction between buyer- and seller-initiated trades with respect to size and resiliency following the trade. We extend previous...

We investigate the determinants and consequences of compliance with the Dey Committee recommendations encouraging greater board independence in Canada. Companies that acted on this recommendation appear to have done so to improve their performance and not for cosmetic purposes. Poorly performing...

The aim of this paper is to explore the efficacy of monitoring by the board of directors, and especially independent outside directors, in New Zealand. The Companies and Financial Reporting Acts of 1993 provide a unique opportunity to examine if legislation directly designed to increase the...

This study addresses the empirical question, quot;Of what value are shareholder proposals sponsored by public pension funds?quot; and finds that the primary function of a proposal is to act as a signaling mechanism in alerting the market that management is unwilling or unable to negotiate a...

In 1992, the SEC abandoned its historical stance that executive pay issues relate to the ordinary business of a corporation when it revised its proxy rules and executive compensation reporting requirements. This change in policy allows executive pay issues to be subject to shareholder votes,...

This study addresses the empirical question, quot;Of what value are shareholder proposals sponsored by public pension funds?quot; and finds that the primary function of a proposal is to act as a signaling mechanism in alerting the market that management is unwilling or unable to negotiate a...