Manager incentives are viewed as being better aligned with those of shareholders when they have an ownership stake in the firms they manage. However, manager ownership can exacerbate agency problems by better enabling managers to pass shareholder resolutions. We outline a model of strategic...

Standard setters have expressed concern over the impact of complex accounting standards on the information gap between firm insiders and financial statement users. We address this issue by examining the relationship between accounting reporting complexity (ARC) and the market response to...

I examine the effect of blockholder board representation on a borrower's terms of debt. I document an inverse relationship with both the variable interest rate and count of loan covenants, consistent with debtholders viewing blockholder-directors favorably. Despite being an inherently active...

This paper shows that, in large US companies, founder-CEO and founder-family controlled firms experience about 10% more underpricing relative to non-founder firms during the IPO process. This result holds after controlling for the ownership of founders, and is consistent with the...

This study represents a first step in identifying the mathematics prerequisites for doctoral level studies in finance. We exploit the methodology of triangulation and complete the following three analyses. First, we completed an exhaustive search of the official web pages of all doctoral...