This paper re-examines the size of penalties following securities class actions and the impact of lobbying on the time it takes to detect managerial misconduct. Managers of lobbying firms are able to get away with misconduct for longer and are marginally less likely to have to settle a class...

Conventional wisdom suggests that CEO membership of the compensation committee is an open invitation to rent extraction by self-serving executives. However, using data from New Zealand – where CEO compensation committee membership was rel- atively common until quite recently – we find that...

This study investigates the monitoring role of media tone on Chief Executive Officer (CEO) power. Using CEO pay slice (CPS) as a measure of CEO power, we find that negative tone is associated with a reduction in CEO power. The finding extends the theoretical framework explaining the importance...

This study investigates the association between media uncertainty and a comprehensive set of corporate decision-making measures that capture corporate investment, and financial risk. The study predicts that firms which attract greater media uncertainty have more risk-seeking behaviours. We find...

The dramatic increase in the importance of U.S. dividends since 2001 means that financial analysts may soon demand access to updated dividend discount models (DDMs). To address this need, we introduce a new “super annuity formula” that can be used in the modular construction of...

This study investigates the association between media sentiment and a comprehensive set of corporate decision making measures that capture firm, corporate investment, and financial policy risk. This study predicts that CEOs who achieve greater media coverage are more risk-seeking. We find a...

This study investigates the role of media tone on CEO power and firm value. Using CEO pay slice (CPS) as a measure of CEO power, we find that negative media tone is associated with a reduction in the change in CEO power. We also find that firm performance can be explained by the interaction...