Compared to non-family firms, family firms face less severe agency problems due to the separation of ownership and management, but more severe agency problems that arise between controlling and non-controlling shareholders. These characteristics of family firms affect their corporate disclosure...

This study tests whether the observed patterns in stock returns after quarterly earnings announcements are related to the proportion of firm shares held by institutional investors, a variable used by prior research to proxy for investor sophistication. Our findings show that the institutional...

Compared to non-family firms, family firms face less severe agency problems due to the separation of ownership and management, but more severe agency problems that arise between controlling and non-controlling shareholders. These characteristics of family firms affect their corporate disclosure...

This paper examines investor welfare under two different liability regimes for holding auditors liable for investor losses, the due care and the strict liability regimes. In both regimes, the investor pays the expected legal liability cost to the auditor, and a portion of any subsequent damages...

We examine the relationship between the persistence of the accrual component of earnings and asset conversion cycle, i.e., the speed of accrual reversal. We argue that, as all accruals have to ultimately reverse, those reversing at a slower speed will exhibit more persistence. We use the...

We examine the impact of social capital in local communities on corporate disclosure of proprietary information. Firms located in communities with higher social capital care more about the collective interests of the local communities. While the disclosure of proprietary information has the...

We develop a firm-specific measure of organization capital and estimate it for a sample of approximately 250 companies. We test the validity of the organization capital measure within a widely used investment valuation model and show that our organization capital estimate contributes...

This study examines the impact of corporate philanthropy growth on sales growth using a large sample of charitable contributions made by U.S. public companies from 1989 through 2000. Applying Granger causality tests, we find that charitable contributions are significantly associated with future...

Recently, a growing body of literature has suggested that financial statements have lost their value relevance because of a shift from a traditional capital-intensive economy to a hightechnology, service-oriented economy. These conclusions are based on studies that find a temporal decline in the...

We examine future excess returns, earnings variability and stock volatility of Ramp;D Leaders and Followers. Drawing on the business strategy literature, which makes a clear distinction between Ramp;D Leaders and Followers, we show that Ramp;D Leaders do earn significant future excess returns,...