In this paper, we examine whether recent regulatory reforms requiring majority board independence are effective in reducing the extent of earnings management. Firms that did not have a majority of independent directors prior to the reforms (referred to as non-compliance firms) are required to...

In this study, we examine whether government regulatory initiatives in China involving IPO by SOEs may have contributed to opportunistic behaviors by the issuer. We focus on two sets of IPO regulations issued between January 1, 1996 and February 11, 1999: pricing regulations, which stipulate...