This study examines whether the interaction of corporate managerial attributes and the amount of private information in stock prices exerts significant effects on the sensitivity of mergers and acquisitions (M&As) and the performance of acquiring firms. We find the heterogeneity in firms’ M&A...

Exploiting the staggered enactment of state-level constituency statutes as an exogenous increase in stakeholder orientation, this paper examines whether, and if so, how stakeholder orientation affects labor investment efficiency. Following constituency statutes adoption, we find firms experience...

We find that positive excess (strong) analyst coverage is associated with overvaluation and low future returns. This finding is consistent with the view that excessive analyst coverage, driven by investment banking incentives and analyst self-interests, raises investor optimism causing share...

Exploiting the staggered enactment of state-level constituency statutes as an exogenous increase in stakeholder orientation, this paper examines whether, and if so, how stakeholder orientation affects labor investment efficiency. Following constituency statutes adoption, we find firms experience...