Voluntary disclosures play an increasingly larger role in the corporate world, yet their implications remain controversial. On the one hand, voluntary disclosures create value by decreasing information asymmetry between managers and investors. On the other hand, they may be used...

We study the relation between the educational background of chief executive officers (CEOs) and firm performance for firms traded on Borsa Istanbul (BIST) between 2009-2015. We focus on manufacturing firms and analyze two different measures of performance, namely operating performance and...

We show that one third of S&P 1500 firms have private equity (PE) professionals on their boards. PE director appointments are followed by changes in firm investment policies; specifically, by significant declines in R&D outlays, capital expenditures, and innovation activity of public firms. PE...

We examine M&A transactions between firms with current board connections and find that acquirers obtain higher announcement returns in transactions with a first-degree connection where the acquirer and the target share a common director. Acquirer returns are also higher in transactions with a...