This paper studies the effects of interlocked boards of directors on voluntary disclosures, governance practices and earnings quality. The Canadian environment, where director interlocks are prevalent, is examined. A checklist of twenty voluntary disclosure measures from proxy statements is...

Using a sample of 129 mergers and acquisitions (M&As) in the U.S. between publicly traded acquirers and targets in research and development (R&D) intensive industries over the period of 1994-2004 and a size- and industry-matched sample, we examine the relation among targets' R&D activities, the...

CEOs of S&P 500 firms that report high non-GAAP earnings relative to GAAP earnings receive more than $600 thousand in unexplained pay. The abnormally high pay appears even after controlling for the level of non-GAAP earnings and despite relatively weak GAAP performance and low returns....

This study focuses on the cross-sectional determinants of idiosyncratic crash risk. In specific, we verify the role of financial disclosure quality and internal corporate governance mechanisms associated with the board of directors, executive compensation and audit committee as buffers of crash...

We investigate the impact of corporate governance characteristics, and IFRS on earnings quality in Borsa Istanbul (BIST). Our contribution stems from the fact that we study moderating effects of mandatory IFRS adoption on the relationship between ownership concentration and earnings quality in a...

Based on a unique arrangement of trading and disclosure times around earnings announcements in the Chinese stock market, we provide evidence of a striking overnight-intraday disparity in terms of the reaction to earnings news. Specifically, we find that the overnight period exhibits a strong and...

This study compares the valuations of debtors emerging from Chapter 11 with the valuations of similar publicly traded firms. For each debtor in my sample, I collect valuation experts' enterprise and equity valuations that are judicially confirmed and based on managements' published financial...

This paper discusses recent empirical evidence showing that the presence of earnings-per-share (EPS) targets is associated with short-termist behavior. EPS targets affect stock repurchases, R&D investments, capital expenditures, employment, and the structure of M&A deals. The practice of chasing...

When a significant event occurs at a publicly traded company, federal law requires the firm to disclose this information to investors in a securities filing known as a Form 8-K. But the firm need not disclose immediately; instead, SEC rules give companies four business days after the event...

This study examines whether the association between selected governance variables and earnings informativeness depends on surplus free cash flow agency problem in the Malaysian environment, where concentrated shareholding by family members is common and minority investor protection is relatively...