In deciding how much information about customers to disclose, firms face a trade-off between the benefits of reducing information asymmetry with capital market participants and the costs of aiding competitors by revealing proprietary information. This paper investigates the determinants of...

Related party transactions (RPTs) are potential means for insiders to expropriate outside shareholders via self-dealing. There are, however, possible benefits to these arrangements for outside shareholders. We find that the overall volume of disclosed RPTs is generally not significantly...

We construct a large sample of announcements that firms have authorized, suspended, resumed, or completed open market repurchase (OMR) programs. Starting or continuing repurchases is associated with positive average announcement period abnormal returns. Stopping repurchases, either by suspending...

Related party transactions are potential mechanisms for insiders to expropriate outside shareholders via self-dealing; however, there are also possible benefits to these arrangements for outside shareholders. This paper investigates the frequency, nature, and valuation consequences of related...

This study documents evidence on the choice of loan loss provisions by bank managers. In particular, we reexamine three hypotheses investigated by prior studies. First, we examine whether the 1990 change in capital adequacy regulations affects the relation between capital and loan loss...

We examine the influence of outside directors' industry experience on segment investment, segment operating performance, and firm valuation for conglomerates. Given board composition is endogenous, we instrument for the presence of industry expert directors using the supply of experienced...