Using a sample of companies that restated their earnings over the period 1997-2002, this study finds that the probability of voluntary as opposed to forced restatements is positively related to the independence of both the board of directors and the audit committee. Following both voluntary and...

We reexamine investor tendency to overweight recent experiences when predicting future performance of firms by examining a sample of firms making private equity placements. Our findings are consistent with the projection argument that investors use the recent experiences of other firms to...

The study reported here examined how various characteristics of the board of directors and other governance features affected the occurrence of U.S. corporate fraud in the 1978-2001 period. The findings suggest that board composition and the structure of a board's oversight committees are...

Investment funds have a unique organization structure in which a fund's board of directors frequently contracts the management of the fund with the fund's sponsor but has a fiduciary duty to act in the interest of the fund's shareholders with regard to decisions such as the shareholder fees...

This paper investigates the extent to which institutional ownership of equity affects the market's response to announcements of new issues of common stock. The authors find that the absolute magnitude of the share price reaction is negatively related to the level of institutional ownership in...