The Sarbanes-Oxley Act (SOX) provides a natural experiment for examining how stock ownership and executive pay structure adapt to a change in regulatory environment. Using annual compensation data of Samp;P 1500 firms in 1994-2005, we examine the impact of SOX on stock ownership and...

This paper develops a general theoretical model for the measurement of strategic performance. The concepts are universal and, by applying the methodology through specific quantitative analytic methods, measurable for all forms of strategic activity. The model distinguishes three aspects of...

This paper applies specific quantitative methods to demonstrate a general theoretical model for measuring strategic performance. The theoretical concepts are universal and measurable for all types of strategic activity by applying the methodology through alternative quantitative analytical...

This paper examines the impact of self-imposed blackout period insider trading restrictions on a firm's cost of equity capital. We investigate both cross-sectional differences between firms with blackout period restrictions versus those without such restrictions as well as the time-series impact...

This study examines the effect of a restatement on auditor's reputation as evidenced by any changes in the market value of the auditor's clients and the audit fees in the subsequent year. We find that firms sharing the same auditor as the restatement firms report a negative abnormal return...

Previous empirical research has found mixed results of the impact of corporate social responsibility (CSR) investments on financial performance. In this paper we contribute to the literature by exploring the complex relationship between intangibles, CSR, and financial performance. In a two stage...

This study examines whether audit partners suffer a reputation penalty following a going-concern opinion (GCO) reporting failure, either a Type I or a Type II error. A Type I error occurs when a partner issues a GCO to a client that does not go bankrupt in the next year, while a Type II error...

We examine the determinants of clients' decision to follow departing partners to new audit firms and the effect of this decision on the likelihood of financial restatements. Using Taiwanese audit partner turnover data from 1984–2010, we find that clients are more likely to follow departing...