We study the impact of freezing defined benefit (DB) pension plans and replacing them with defined contribution (DC) plans on liquidity, financial leverage, investment, and market value of a sample of firms over 2001-2008. We find evidence that the pension freeze tends to attenuate the drain on...

We investigate the argument that securities frauds are preceded by surprisingly good firm performance but are followed by rapid negative investor response by studying the long-term stock performance of a sample of 430 firms that disclosed securities fraud and experienced class action lawsuits...

We examine the corporate governance ratings provided by three premier US rating agencies (The Corporate Library, Institutional Shareholder Services, and Governance Metrics International) and find that summary scores are generally poor predictors of primary and secondary measures of future firm...