This paper examines the relationship between performance and CEO turnovers using <p> a sample of 81 turnovers and 81 matching companies listed on the Copenhagen Stock <p> Exchange. We find that poor performance increases the probability of management <p> replacements and that forced layoffs are...</p></p></p>

This paper analyzes the relationship between ownership structure and security <p> performance. We use a unique data set that includes all of the announcements of <p> changes in institutional and strategic investors' ownership in firms listed on the <p> Copenhagen Stock Exchange in 1997. Using a piecewise...</p></p></p>

In view of recent corporate scandals, it is argued that corporate governance can learn from public governance. Institutions devised to control and discipline the behaviour of executives in the political sphere can give new insights into how to improve the governance of firms. Some proposal such...

In the pre-Sarbanes-Oxley era corporate insiders were required to report trades in shares of their firm until the 10th of the month following the trade. This gave them considerable flexibility to time their trades and reports strategically, e.g., by executing a sequence of trades and reporting...

This study investigates the endogenous relationship between abnormal insider trading and accrual abuse, and explores whether corporate governance affects this relationship. Our results suggest that insiders take advantage of private information on abnormal accruals to time their trading and...

We test how the use of financial derivatives affects banks’ informational structure and future stock performance based on a sample of large bank holding companies in the US. Using banks’ use of financial derivatives as a proxy for opacity, we find that high level use of interest rate and...

We examine the relation between corporate governance and firms' information environments. We use the passage of state antitakeover laws in the U.S. as a source of exogenous variation in an important governance mechanism to identify changes in firms' information environments. We find that...