This paper studies the long-term consequences of actions induced by vesting equity, a measure of short-term incentives. Vesting equity is positively associated with the probability of a firm repurchasing shares, the amount of shares repurchased, and the probability of the firm announcing a...

This paper studies the long-term consequences of actions induced by vesting equity, a measure of short-term concerns. Vesting equity is positively associated with the probability of a firm repurchasing shares, the amount of shares repurchased, and the probability of the firm announcing a merger...

Using a sample of management forecasts, we find that higher CEO and CFO equity compensation and lower institutional ownership concentration, percentage of independent director, and number of analyst following induce managers to release significantly more bad news, downward biased management...

China has sustained a rapid rate of economic growth and absorbed a great deal of foreign investment over the past decades. However, the laws pertaining to business in China have not kept up with China's market growth. For this reason, investors in the Chinese stock market must assess associated...

I investigate firm financial management when the CFO has greater authority by being on the board and the corresponding changes when the CFO position leaves the board. After the 2002 regulatory changes on board composition requirements, determinants of CFO board membership shift from being driven...

The majority of present-day investigators have come to the general consensus, according to which for an objective evaluation of the top management activities in a company, it is imperative that the results of their performance be evaluated by the market, rather than by the subjective human...

Over the past two decades, hedge fund activism has emerged as a new mechanism of corporate governance that brings about operational, financial and governance reforms to a corporation. Many prominent business executives and legal scholars are convinced that the entire American economy will suffer...

We contribute to the literature on dividend policy by relaxing Miller and Modigliani's (1961) perfect capital market assumptions and incorporating a factor that has not been investigated before, i.e. variation in managerial ability. Based on more than 24,000 observations across over 20 years...

Independent directors are an important feature of modern corporate law. Courts and lawmakers around the world increasingly rely on these directors to protect investors from controlling shareholder opportunism. In this Article, we argue that the existing director-election regime significantly...

We use a scientifically-based measure of executive facial attractiveness that is correlated with survey assessments, but not as noisy, and find a positive link between attractiveness and CEO selection. We find evidence that better interpersonal relationships is one mechanism through which CEO...