This paper studies the consignment auction as an allocation mechanism for emission permits among polluting firms. By assuming firms have non-increasing marginal values for the permits and linear bid functions, we characterize a class of linear equilibria in a divisible consignment auction with...

We investigate the impact of inter-firm connections on alliances. We find that both professional connections, borne out of current employment ties and board interlocks along with social connections, borne out of past employment ties and educational ties, increase the likelihood of alliance...

We test whether a director's diversity relative to the rest of the board explains two important labor market outcomes, retention and promotion. We find that the results are asymmetric across diversity dimensions and outcomes. Retention is more likely but promotion is less likely for...

The American Institute of Certified Public Accountants (AICPA, 2002) No 99: Consideration of Fraud in a Financial Statement Audit (SAS 99). SAS 99 describes fraud as a purposeful act that results in a material misstatement in financial statements. We performed a literature review and discussed...

This paper compares equilibrium bidding strategies in the discriminatory-price auction (DPA) and the uniform-price auction (UPA) when at least two identical and indivisible units of a good sold to a multi-unit bidder (i.e., with demand for two units of the good) and a set of single-unit bidders....

In this study we examine the effect of boardroom social capital, defined as the aggregate benefitsfrom the social networks of outside directors, on director compensation. Using a large panel ofnine thousand firm-year observations for the period 2007-2013, we find that boardroom socialcapital is...

We hypothesize that firms' attempts to reduce litigation risk can worsen financial report readability: as firms strive for disclosure accuracy and thoroughness, reports increase in size and complexity. Readability deteriorates with management exposure to securities class actions at the current...

Although both federal securities law and Delaware corporate law have increasingly relied on independent directors in improving corporate governance, there is a fundamental mismatch between these two regimes. Federal securities law relies on independent directors to monitor the management of the...