We investigate the impact of tax-related human capital (THC) on corporate financial reporting aggressiveness. Using the presence of former or current tax officers from tax authorities on a firm's board of directors as a proxy for THC, we find that firms with tax officer directors report their...

Previous studies show that economic policy uncertainty has been rising steadily since the 1960s (Baker et al. 2014), and that this secular increase has led to harmful economic outcomes such as reduced investment rates (Gulen and Ion 2016). Other studies find that politically connected directors...

The relationship between executive compensation and firm performance is strongly endogenous. In this paper, I use a unique law that sets a binding upper limit on financial firms' executive compensation in Israel as an exogenous shock and study the effect of capping total executive compensation...

This paper investigates the value of academic independent directors (ADs) by exploring an unexpected policy shock that forces ADs to resign from Chinese listed firms. Around the announcement of the policy, stock prices of firms with ADs drop by 2.2%, which translates to a loss of 135M RMB...

This study investigates the relation between managerial foreign experience and corporate risk-taking in China. We find that foreign experienced managers are positively associated with corporate risk-taking and this relationship mainly exists in private firms rather than in state owned...

We examine the real effects of disclosing information about the pay gap between the CEO and employees. Firms reporting higher pay ratios tend to include discretionary narrative portraying their employee relations or compensation practices in a positive light. Reporting higher ratios is...

Starting from January 2017, all publicly listed firms in the United States are required to disclose a pay ratio of annual CEO compensation to the median employee compensation (Pay Ratio). Opponents of this legislation have argued that this additional Pay Ratio disclosure would simply add to the...

This paper examines the role of information and regulatory interventions in mitigating the executive gender pay gap. We find female executives are paid about 34 per cent less compared to equivalent males from the same cohort, which falls by half over tenure within the company, but remains...

This paper examines the governance role of hedge fund activists by analyzing the impact of these activists on CEO turnover, CEO pay, and CEO pay-performance link in targeted companies. Using the difference-in-difference approach, we first find significantly higher CEO turnover following hedge...

Using the pay restriction imposed on CEOs of centrally administered state-owned enterprises (CSOEs) in China in 2009, we study the effects of limiting CEO pay. Compared with CEOs of firms not subject to the restriction, the CEOs of CSOEs experienced a significant pay cut. In response to the pay...