We examine corporate tax behavior in the face of political uncertainty. Because tax policy is an outcome of a political process, increased political uncertainty may be associated with changes in tax behavior. On one hand, uncertainty about whether a firm's current tax strategies will be rendered...

We investigate the impact of the initiations of national audit inspection programs on firm-specific stock crash risk in 38 countries worldwide. The staggered commencement of the inspection regimes in different countries allows us to identify the causal effect of audit quality on crash risk. We...

We investigate stock tail risk around national elections worldwide over the period of 1982-2012. We find that firm stock is less likely to crash during the election years, and is more likely to crash during the post-election period. This inter-temporal pattern is consistent with the suppression...

Closed-end country funds are interesting in that they have two sets of prices for the same underlying assets – the net asset value (NAV) of the fund holdings as measured using the underlying firms' stock prices in their home markets and the fund price at which the fund trades on a U.S. stock...

Public firms are becoming increasingly interconnected through institutional investors' stock ownership, specifically through cross-ownership, in which an institutional investor has a significant stake in multiple firms in the same industry. When a firm seeks external financing for its investment...