Purpose – This paper aims to examine the research questions: Do executive and non-executivedirectors face similar labor market penalties upon revelation of accounting fraud? Are all executivedirectors treated by markets as a homogenous group? Or, do executive directors who are top managersface...

The late 1990's have seen the emergence of the individual investor. The most celebrated fact associated with this phenomenon may be the increasing use of online investing by individual investors. The rapid emergence of online brokerages, with their increasing market values relative to full...

We assess the stock market reaction to proposals of incentive plans for directors in a sample of 289 firms. The reaction is both economically and statistically insignificant. This result suggests that shareholders do not necessarily benefit from the adoption of such plans. Across firms, we find...