In this paper we hypothesize that CEOs will be motivated to manage earnings prior to a turnover decision. This motivation comes from the horizon problem for CEOs nearing retirement age and for CEOs whose profit-based bonus is a large portion of their total compensation. We find that firms in...

Previous studies show that co-managers mainly affect IPO aftermarket activities. We investigate the role of co-managers in IPO premarket activities. We argue that co-managers help reduce IPO placement risk and hypothesize that IPO issuers hire more co-managers when placement risk is higher. We...

This paper investigates stock returns surrounding the appointment of directors to audit committees. We examine 136 voluntary appointment announcements over 1990-2001. Most of the announcements are issued after year 1999 and by small, NASDAQ firms. We find significantly positive stock price...

Previous studies show that co-managers mainly affect initial public offering (IPO) aftermarket activities. We investigate the role of co-managers in IPO pre-market activities. We argue that co-managers help reduce IPO placement risk and hypothesize that IPO issuers hire more co-managers when...