The adjustment speed of financial leverage indicates the movement of companies towards the optimal capital structure, and clearly shows the financing policies of companies. The importance of optimal leverage is such that the growth and survival of companies depend on this factor. This study...

Although the role of managers is crucial in shaping firm innovation, it also poses a dilemma. Because innovation is a complicated and long-term process that requires effort and attention, managers may reduce effort in innovation when faced with high takeover threat. This study examines the...

This paper models the effect of disclosure on real investment. We show that, even if the act of disclosure is costless, a high-disclosure policy can be costly. Some information ("soft") cannot be disclosed. Increased disclosure of "hard" information augments absolute information and reduces the...

The purpose of this study is to verify the impact of CEO Age on real earnings management. Our empirical study is based on a sample of 7481 American firms from 2000 to 2009. Firstly we document a positive and significant relation between CEO Age and real earnings management and as a supplement...

It has recently been claimed that, contrary totraditional neoclassical theory, suitably chosenenvironmental regulation is often beneficial for theregulated firms because it induces cost-reducinginnovations. I analyze the extent to which thisposition is compatible with microeconomic analysis....

It has recently been claimed that, contrary to popular perception, suitably chosen environmental regulation is often beneficial for the regulated firms because it induces cost-reducing innovations. I analyze to which extent this position is compatible with microeconomic analysis. It turns out...