The popular and academic literatures report that women, Blacks, Hispanics, and Native Americans are under-represented on US corporate boards of directors, relative to their incidence in the US labor force. We confirm this observation by tabulating the presence of female and under-represented...

We take up the question of potential conflicts between the objectives of risk management policies and those connected with maximization of the firm's value. This question is a timely one, since many firms have a special committee devoted to risk management - banks and insurance companies in...

We show that board tenure exhibits an inverted U‐shaped relation with firm value and accounting performance. The quality of corporate decisions, such as M&A, financial reporting quality, and CEO compensation, also has a quadratic relation with board tenure. Our results are consistent with the...

We show that board tenure exhibits an inverted U-shaped relation with firm value and accounting performance. The quality of corporate decisions, such as M&A, financial reporting quality, and CEO compensation, also has a quadratic relation with board tenure. Our results are consistent with the...

Prior research (e.g., Dechow, Huson, and Sloan 1994) documents that, on average, compensation practices appear to shield CEO pay from income-decreasing special items. In some circumstances, compensation shielding can be efficient. For example, it may encourage CEOs with earnings-sensitive pay to...

This paper studies the first day return of 227 carve-outs during 1996-2013. I find that the first day return of newly issued subsidiary stocks is explained by the reporting distortions in the pre IPO period, conditioned on whether the executives and directors of the subsidiary received stock...

Compensation committees face special difficulties when setting pay in the last years of a CEO's tenure. For example, incentives to manipulate earnings for the purpose of enhancing earnings-based compensation are greater in CEOs' terminal years. We predict that compensation committees are aware...

Using the mandatory adoption of International Financial Reporting Standards (IFRS), we examine whether an exogenously imposed disclosure reform that increases the amount of information affects the level of executive compensation. Extant theories suggest that disclosure reforms could either raise...

While compensation consultants are known to play an important role in the design of executive compensation contracts, evidence on the effect of compensation consultants on CEO pay is mixed. Using a sample of 3,198 compensation consultant engagements and 576 executive compensation consulting fee...

Objective - The purpose of this research is to obtain empirical research on the effect of corporate governance on earnings management in distressed and non-distressed companies. Corporate governance in this research is measured by independent board, audit committee, board of commissioners,...