The paper investigates the effects of mark-to-market write-downs by financial institutions on market prices and volumes, as well as the prominent role that illiquidity plays in exacerbating the direct and spillover effects of exit valuation on equity and credit default swaps markets. Using a...

Backdating occurs when a company retroactively changes option grant dates to dates when its stock was trading at a relatively low price. Firm announcements of backdating generated adverse media publicity and negative pronouncements from academics regarding the economic effects and motivation of...

The economic consequences of human rights violations and environmental concerns resulting from the impact businesses have on society will be examined through the Northern Gateway, an oil pipeline Project. Findings show that the market reacts negatively to human rights violation and environmental...

This study examines whether a change in litigiousness explains variations in the relationship between information asymmetry and conditional conservatism. Prior literature documents a positive association between information asymmetry and conservatism. Prior literature also demonstrates that...

This research examines the economic impact of firms acting ethically on financial reporting performance and quality. We assess the impact of quarterly changes in the Covalance Ethics Index (CEI) rankings compared to firm financial performance (FP) and financial reporting quality (FRQ). A...

A key requirement for Real Estate Investment Trusts (REITs) to maintain their corporate tax-exempt status is that ninety-five percent of income must be distributed as dividends. Receipt of this income imposes a personal tax burden on shareholders. A central tenet of this research is that REIT...

For many years, executive compensation has been regarded as an internal mechanism to alleviate the agency problems between executives and shareholders. Using a sample of 73 New Zealand listed companies (1994-1998), this paper examines the current state of executive compensation in New Zealand...

This study examines the share price reaction that occurs when shares are added to or deleted from the NZSE 10 and NZSE 40. It used event study methodology to analyse changes to the indices during the period between January 1991 and February 2000. Previous studies in other markets have shown...

The distribution requirments of a Real Estate Investment Trust (REIT) (95% of income must be distributed as cash dividends) imposes a heavy tax burden on shareholders at the personal level. REIT management is motivated to be involved in acquisitions, which will reduce dividends and thus personal...