We examine whether outside directors with government experience add value to their firms. We find that government directors are more likely to miss board meetings and that their appointment announcements are greeted more negatively. Firms with government directors also experience poorer...

In this paper, we investigate the stock price behaviour of newly listed companies on the stock exchange market with an extremely high level of information asymmetry. We show a unique mechanism of how informed investors influence the stock prices before entering the market to consume abnormal...

Enterprise Resource Planning system (ERP) reshapes the way information is collected, processed, and disseminated, but extant evidence on its effects on a firm's transparency and internal control is mixed. We add to the debate by showing that firms' stock price crash risk decreases following ERP...

In response to the Sarbanes-Oxley Act and stock exchange regulation, firms are forced to increase their board independence level if they did not satisfy the requirements. This article empirically examines the impact of increased board independence requirements on the governance inputs, board...

In 2002, President George W. Bush signed the "Sarbanes-Oxley Act” into federal law, which increased the oversight role for independent directors. The induced consequence was that firms which did not satisfy the requirements of the regulation must improve their board independence level. This...

This article provides evidence about the wealth change and redistribution effects of Section 404 of Sarbanes-Oxley (SOX), which requires that management assess and publicly report on the effectiveness of their firm's internal controls, and that auditors publicly provide an opinion on...

Ascertaining which enforcement mechanisms work to protect investors has been both a focus of recent work in academic finance and an issue for policy-making at international development agencies. According to recent academic work, private enforcement of investor protection via both disclosure and...

We explore the exogenous effects of the Honest Leadership and Open Government Act of 2007 (HLGOA), on U.S. corporations. We find that the average market reaction to the reform, which aimed to mitigate unethical lobbying practices, by lobbying firms is positive, implying the reform benefited...