Leveraging the required disclosure of three-year before initial public offering (IPO) data in Chinese IPO firms, we examine the real earnings management (REM) around IPOs with specific reference to IPO firms with and without a customer strategic alliance (CSA) relationship before IPO. Using a...

The authors conducted a global study of the long-term issuer ratings of nonfinancial firms from Standard and Poor's Ratings Services (S&P) for the period 1998–2003. Specifically, they focused on the solicited versus unsolicited ratings and sample-selection bias in the analysis. Unlike the...

We examine the relations among analyst coverage, analyst optimism, and firm-specific stock price crash risk. Using a unique Chinese database, we find that an increase in a firm's analyst coverage leads to an increase in stock price crash risk and this positive relation is more pronounced when...

While US companies mainly list their board of directors alphabetically, this is not the case for Chinese companies, most of which list their independent directors last. We interpret the listing order of Chinese directors as board hierarchy, reflecting power allocation within the board. Based on...