We examine the geographic component of the audit service investments in REIT industry. Because REIT firms have strong incentive for information transparency and high audit quality, we expect that geographic distances, as a proxy for information flow, between REIT firms, their auditors, and the...

We investigate the effect of CEO inside debt (i.e. pension benefits and deferred compensation) on firms' asset tangibility and investment. Asset tangibility is measured by Property, Plant and Equipment, Asset Tangibility (Berger, Ofek and Swary, 1996), and tangible assets. Our findings are...

Purpose – The authors intend to perform empirical analysis to test the theory proposed by Edmans and Liu (2011) that CEOs with more debt-like compensations care more about the liquidation value of the firm. The purpose of this paper is to examine the relations between CEO inside debt ratios...

Purpose This paper aims to perform empirical analysis to test whether less severe agency conflict between managers and controlling shareholders may improve family firms’ corporate and stock liquidity, compared to non-family firms. Design/methodology/approach The authors use the ordinary least...

Purpose – The purpose of this study is to examine how pension risk shifting can be explained and constrained by debt component in chief executive officer (CEO) compensation and to explore whether a CEO’s relatively large holdings of inside debt to equity compensation would result in a...

This research studies the effects of macroeconomic factors on liquidity, focusing on the pricing of liquidity. By applying cross-sectional tests, we obtain the monthly price of liquidity. Overall, the results show that the growth rate in industrial production has significant contemporaneous...