Building on the short-term nature of interim CEO contracts, this paper examines the effect of interim CEO appointment on corporate long-term investment measured by a firm's R&D spending. We find robust evidence that the corporate R&D investment level is significantly lower during the interim CEO...

Using the degree of a son-preference culture (SPC) in an area as a measure of local firms’ nontokenism motives to appoint female directors, this paper examines how the value impact of women’s representation on boards (WROB) varies across different motives of female director appointments in...

We provide empirical evidence regarding the effect of stock market regimes on Social Responsible Investment (SRI). Using the Markov Switching Model, we identify three market regimes for the study period between June 2001 and December 2009 in the US. These regimes are the low, medium, and high...

We investigate how product market competition jointly affects specific corporate investment and financing behavior. Given an expected cash flow shortfall, firms may reduce cash reserves, increase external finance, cut back dividends, and sell off assets and/or investments. The first three...

We develop a two-factor novel model incorporating the market excess return and alternative real estate portfolios. This setup of model and alternative real estate factor particularly brings the practitioners the significant perspective that how much the real estate portfolios is priced. The...