In this paper I exploit a unique feature of the Greek institutional environment, whereby alternative cash compensation payments to directors are taxed differently from the point of view of both personal and corporate taxes. Board directors can receive cash compensation either in the form of...

In this paper I exploit a unique feature of the Greek institutional environment, whereby alternative cash compensation payments to directors are taxed differently from the point of view of both personal and corporate taxes. Specifically, board directors can receive cash compensation either in...

The recent spate of corporate scandals worldwide has again raised serious concerns about the quality of corporate governance. This paper investigates the role of the board and stock compensation in constraining discretionary reductions in capital expenditure at the year of CEO retirement. Based...

Most UK companies separate the roles of CEO and Chairman. The former runs the company, the latter runs the board and the two directors interact to a great extent. Using turnover data on 2180 separate chairmanships of the top 460 UK companies over the 1990-1998 period, I find that the Chairman is...

Most UK companies separate the roles of CEO and Chairman. The former runs the company and the latter runs the board. Using turnover data on 2,180 separate Chairmanships of the top 460 UK firms over the 1990-1998 period, I find that the Chairman is more likely to be replaced when the CEO is...

We examine whether the credit relevance of financial statements, defined as the ability of accounting numbers to explain credit ratings, is higher after firms are required to report under International Financial Reporting Standards (IFRS). We find an improvement in credit relevance for firms in...

We examine the implications of auditor education for audit quality and audit pricing. We exploit a novel institutional setting in the UK, where auditors major in many different degrees at university and signing auditors are identifiable. Using hand-collected data for a large sample of signing...