The sensitivity of the rank of the change in bonus compensation to firm performance is compared between CEOs and non-CEOs. Executives are classified into four groups: 1) CEOs, 2) high ranking executives, 3) business unit managers, and 4) low ranking executives. There are no differences in bonus...

My paper examines the relevance of capital intensity in explaining the cross-sectional variation in market returns to chemical industry firms following the Bhopal, India chemical leak. The Bhopal accident was expected to increase environmental regulation (see Blacconiere and Patten, 1994, p....

Real Earnings Management (REM) is the manipulation of business activities to meet an earning's threshold. Despite concern that REM activities create real economic costs, research on the relation between REM and subsequent operating performance is inconclusive. In this paper, a two-firm-level...