This study examines the recent, significant growth in the appointments of Chief Risk Officers (CROs), the role of a CRO, and whether such appointments benefit shareholders. We find that the market is more likely to react positively to a CRO appointment for a firm with weak corporate governance....

We examine corporate purchases of Directors and Officers (D&O) liability insurance and find that in addition to governance quality it contains managers’ private information. In particular, we find that insider control in excess of insider share holdings is jointly associated with lower D&O...

We compare non-issue specific (broad) investor protections against expropriation by firm's insiders with regulations that specifically protect investors of new equity issues (issue-specific). Since in-nation regulations rarely change and are homogenous for all firms, it is difficult to compare...

In this paper, we find evidence of reversals in relative exit performance between the "short" and "long-run" in the VC market, with the short-run defined to be the first 5 years of business, and the long-run, the 6th year of business onwards. Using proxies for the risk of venture capital assets...

As is evident from recent changes in NYSE and NASDAQ listing requirements, board independence is assumed to be an important and effective governance mechanism. However, the empirical evidence regarding the value of board independence is mixed. We examine board member resignation announcements...

Spirituality in the workplace is gaining recognition and value among researchers, academicians, and business professionals. The aim of this paper is to examine the impact of spirituality in the workplace on job satisfaction by measuring four dimensions of spirituality in the workplace:...

Consistent with Jensen's [Jensen, M., 2005. Agency costs of overvalued equity. Financial Management 34, 5-19] agency-costs-of-overvalued-equity prediction, we find that overvaluation is statistically and economically related to subsequent income-increasing earnings management. This relation is...

Prior research contends that weak legal regimes discourage lender enforcement of contracts by making it either costly or ineffective. However, Diamond observes that this lender passivity can be overcome by structuring debt as a short-term loan. His argument is that an arrival of bad news in the...