This study examines (leverage) underinvestment and overinvestment hypotheses, taking into account whether growth is anticipated or unanticipated and controlling for potential reverse causality. This study sheds light on the following question: Does financial leverage affect the firm's ability to...

This study investigates whether culture in general and religion in particular mitigate earnings management. Using a cross-country data set, empirical tests based on rank regressions indicate that earnings management is unrelated to both religious affiliation and the degree of religiosity. In...

Form 8-K reports filed with the SEC often exhibit lags raising the potential for information leakage that could be exploited by informed traders. This study provides evidence that institutional investors are able to capitalize on 8-K filing lags. Consistent with extant theories, this study...

This paper investigates the relationship between nonprofit board composition and organizational efficiency. Overall, we find a significant statistical association between the presence of major donors on the board and indicators of organizational efficiency. While proof of a causal link is beyond...

This study tests whether IFRS adoption increased accounting transparency based on model-driven hypotheses. Duffie and Lando (2001) show that changes to accounting transparency affect the spread/maturity relation of CDS instruments in very specific ways. Consistent with their model, we find that...

This study tests whether IFRS adoption increased accounting transparency based on model-driven hypotheses. Duffie and Lando (2001) show that changes to accounting transparency affect the spread/maturity relation of CDS instruments in very specific ways. Consistent with their model, we find that...