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...

This study examines the recent, significant growth in the appointment of CROs, the role of the CRO, and whether such appointments benefit shareholders. We find that the market is more likely to react positively to an appointment of a CRO the weaker a firm's corporate governance. In particular,...

Managers whose equity-based incentives vest over a shorter time horizon appear to adopt strategies that reduce information environment quality and exacerbate information heterogeneity across investors. Firms with shorter-horizon managerial incentives are more likely to inflate reported earnings...