We examine the relation between institutional investors and management discipline over the last several decades to better understand how CEO turnover has increased. Using a sample of forced and voluntary turnovers, we investigate the changing roles of activism and exit among institutional...

Firms can reprice employee stock options to realign performance and retention incentives when stock price declines cause options to have insignificant expected values. Six-and-one option exchanges allow firms to avoid recognizing compensation expenses when repricing options, but appear unable to...

This paper examines earnings management at the largest publicly traded bank holding companies in the United States. We find that the use of discretionary loan loss provisions is positively related to a bank's unmanaged cash flow returns, capital ratios, and asset size. In contrast, the use of...