Showing 1 - 10 of 61
We utilize the staggered adoption of the Inevitable Disclosure Doctrine (IDD) by U.S. state courts as an exogenous shock to the proprietary costs of disclosure and study the impact of the IDD on corporate financial reporting policy. We find compelling evidence that firms headquartered in states...
Persistent link: https://www.econbiz.de/10013248833
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...
Persistent link: https://www.econbiz.de/10012752711
This study tests two opposing views of institutional investors—monitoring versus short-termism. We present evidence that institutional investor stability is negatively associated with 1-year-ahead stock price crash risk, consistent with the monitoring theory of institutional investors but not...
Persistent link: https://www.econbiz.de/10011065707
This study tests two opposing views of institutional investors – monitoring versus expropriation – by investigating whether institutional ownership is positively or negatively related to future firm-specific stock price crash risk. We present robust evidence that institutional ownership is...
Persistent link: https://www.econbiz.de/10013127503
This study examines whether the term of the auditor-client relationship (i.e., auditor tenure) is associated with future stock price crash risk measured both ex ante and ex post. Using a large sample of U.S. public firms with Big Four auditors, we find robust evidence that auditor tenure is...
Persistent link: https://www.econbiz.de/10011442856
Using a large sample of U.S. public firms, we find robust evidence that short interest is positively related to one-year ahead stock price crash risk. The evidence is consistent with the view that short sellers are able to detect bad news hoarding by managers. Additional findings show that the...
Persistent link: https://www.econbiz.de/10013017286
This study examines whether the term of the auditor-client relationship (i.e., auditor tenure) is associated with future stock price crash risk measured both ex ante and ex post. Using a large sample of U.S. public firms with Big Four auditors, we find robust evidence that auditor tenure is...
Persistent link: https://www.econbiz.de/10013008311
This study examines whether religiosity at the county level is associated with future stock price crash risk. We find robust evidence that firms headquartered in counties with higher levels of religiosity exhibit lower levels of future stock price crash risk. This finding is consistent with the...
Persistent link: https://www.econbiz.de/10013083700
This study tests two opposing views of institutional investors — monitoring versus short-termism. We present evidence that institutional investor stability is negatively associated with one-year-ahead stock price crash risk, consistent with the monitoring theory of institutional investors but...
Persistent link: https://www.econbiz.de/10013087014
This study examines whether religiosity at the county level is associated with future stock price crash risk. We find robust evidence that firms headquartered in counties with higher levels of religiosity exhibit lower levels of future stock price crash risk. This finding is consistent with the...
Persistent link: https://www.econbiz.de/10013091657