Throughout the world, private firms are recommended to adopt the same corporate governance rules that are mandatory for public firms. It is unclear, however, whether the high costs associated with such voluntary adoption of corporate governance rules by private firms are justified. A precedent...

We examine the informativeness and credibility of independent directors' stated resignation reasons. We posit that having access to private information, directors may resign in anticipation of weak future underperformance to limit damage to their reputation, and further have an incentive to mask...

We examine the effects of a law amendment in Israel in 2011 that imposes a set of minimum corporate governance standards on privately held firms that issue publicly traded bonds. Two main results emerge. First, consistent with US evidence, the improved bondholder protection boosts the immediate...

We examine the effects of a law amendment in Israel in 2011 that imposes a set of minimum corporate governance standards on privately held firms that issue publicly traded bonds. Two main results emerge. First, consistent with US evidence, the improved bondholder protection boosts the immediate...

Despite the fact that stock market efficiency has been tested in numerous studies and through several approaches, it is still not clear to what extent stock prices correctly reflect information. The inability to test whether stock prices correctly incorporate information stems from the infinite...

We examine accounting standard ASR 118 mandating the reporting of fair values of investment securities. Using a unique setting, the USA public venture capital (VC) industry, we test whether ASR 118 would be important to investors, or whether relevance would come at the expense of reliability. We...