Although recent research documents a positive relation between corporate transparency and the proportion of independent directors, the direction of causality is unclear. We examine a regulatory shock that substantially increased board independence for some firms, and find that information...

In a large sample of shareholder initiated class action lawsuits from 1996 to 2011, we find a significant increase in informed insider option exercises during the class action period compared to the preceding quarter, and we find that this change is positively related to the probability of...

Privatisation is the major component in all the transition processes carried out in the Central and East European countries. With different pace and scale across the counties, it took distinct, sometimes even opposing forms. Nevertheless, almost all these countries have developed processes of...

Privatisation is the major component in all the transition processes carried out in the Central and East European countries. With different pace and scale across the counties, it took distinct, sometimes even opposing forms. The volume presents the results from a comparative research on mass...

Shareholder valuations are economically and statistically positively correlated with more powerful independent directors, their power gauged by social network power centrality measures. Sudden deaths of powerful independent directors significantly reduce shareholder value, consistent with...

This paper examines the differences in accrual-based and real earnings management across countries from the perspective of investor protection. Following prior research (Leuz et al., 2003), we hypothesize that accrual-based earnings management is more constrained by strict discipline in...

The paper presents the actual ownership structure of public companies in Bulgaria on the basis of a survey of 104 of the companies traded on the Bulgarian Stock Exchange. It discusses as well the problems of disclosure of ownership information, focusing on the transposition of the EC Large...

Section 365 of the Bankruptcy Code prohibits enforcement of the once common "ipso facto" clause." The clause excuses the solvent party from performance of the contract when the other party becomes insolvent. We show that the ability of insolvent firms to continue bad projects is enhanced by the...

The process of improving Corporate Governance in emerging markets touches on a number of different aspects of the market organization. One essential area is the regulation, scope, timing and of procedure for mandatory disclosure of information. Disclosure is very important for investors, since...