The COVID-19 pandemic has resulted in extreme uncertainty in the future earnings of many firms. In this paper, we examine how firms’ exposure to the pandemic affects their guidance withdrawals. Almost half the firms in our sample withdraw their management earnings guidance instead of...

Capex guidance disclosed by a firm’s peers provides useful information about their investment plans. We document a positive association between peers’ capex guidance and managerial learning about investment opportunities from stock prices, as captured by investment-q sensitivity, which is...

We find that more social connections between a CEO and other top executives in the same firm are associated with more effective tax avoidance by the firm. This effect holds when several alternative measures of corporate tax avoidance are used, and it also persists in a subsample of firms that...

This paper extends prior literature on the link between consolidation and stability in banking using a single country setting. From a sample of Indonesian commercial banks over the 2010-2015 time span, our empirical results show that higher bank market power is associated with lower insolvency...