The law on nonprofit directors' obligations is sparse. Nevertheless, in recent years nonprofit directors have faced increased scrutiny. This article explores this increased scrutiny and sheds light on the development of North Carolina nonprofit law as it pertains to directors' duties. North...

The law on nonprofit directors’ obligations is sparse and fragmented. Most of the discussion over the years is lore rather than law based on commentators’ suggestions for best practices. This article attempts a comprehensive and systematic analysis of the law relating to nonprofit...

Recently, professors Bebchuk, Kastiel, Tallarita, Strine, Rock and others have continued the “fundamental and heated debate about the purpose that corporations should serve, an increasingly influential ‘stakeholderism’ view advocates giving corporate leaders the discretionary power to...

I examine the reputation and regulatory effects on the directors' turnover and their directorships when firms are accused of fraudulent financial reporting (FR). The results show that the directors at FR firms incur reputation costs from abnormal turnover in relation to the directors at non-FR...

Different from prior studies which discussed the relationship between GAAP and pro forma earnings from the informativeness perspective, this study presents a detailed discussion about the importance of presentation arrangements of pro forma disclosures. The results show that managers are able to...

Little is known about why CEOs voluntarily purchase shares of their firm other than because they expect to directly profit from doing so. However, since CEOs are risk-averse, highly un-diversified, and face litigation costs from trading on favorable private information, direct profits are...

We examine the relative accuracy of management and analyst forecasts of annual EPS. We predict and find that analysts' information advantage resides at the macroeconomic level. They provide more accurate earnings forecasts than management when a firm's fortunes move in concert with macroeconomic...

We examine whether CEO extraversion, an important personality trait associated with leadership, affects firms' expected cost of equity capital. We measure CEO extraversion using CEOs' speech patterns during the unscripted portion of conference calls. After controlling for several CEO and firm...

This study examines how the equity compensation of chief executive officers (CEO) and that of outside directors affect management earnings forecasts (MFs) and the relationship between these two positions in terms of compensation. Our evidence reveals that CEO (director) equity compensation is...

Results have been mixed regarding whether, and how much, board of director connectedness is beneficial to firm value. Some prior research shows that overly busy directors are ineffective monitors, but these same “busy” directors can be valuable sources of information and other resources. For...