Using the staggered adoption of anti-re-characterization laws (ARL) as an exogenous shock to creditor rights, we study the causal effects of creditor rights on borrowers' accounting conservatism. ARL precludes the re-characterization of securitized assets which otherwise can be re-characterized...

This study examines whether and how the practice of providing CSR information in the management discussion and analysis (MD&A) section of annual reports affects the relation between CSR performance and firm value in an international context. Based on a large sample from 42 countries, our results...

We examine the efficacy of proxy voting to limit inflated CEO pay. We find that the percentage of dissenting votes that go against director-sponsored compensation proposals increases following a staggered rejection of the Inevitable Disclosure Doctrine (RIDD), which increases CEOs’ job...