We investigate the association between state-level money laundering sentences and audit fees in the US. Money laundering measures a broad category of offenses involving financial transactions using funds or monetary instruments gained through criminal activities and tax evasion. We find that...

This paper investigates the association between idiosyncratic volatility and firm life cycle stages. Since firm performance and availability of information vary across life cycle stages, and such variation affects uncertainty about future cash flows and stock returns, we argue that idiosyncratic...

This paper examines empirically the effect of managerial ability on firm-level investment efficiency, and the joint effect of managerial ability and financial reporting quality on stock price crash risk conditional on level of investment. Using a managerial ability measure developed by Demerjian...

This paper examines empirically the effect of firm-level business strategies on future stock price crash risk and the extent to which equity overvaluation moderates this relation. By exploring the extent to which firms following particular business strategies are more or less likely to...

This paper investigates the impact of firm life cycle and moderating role of investor sentiment on corporate risk taking propensities. Using a large sample of US firms during 1987-2013, we find that corporate risk taking varies across the life cycle of the firm. In particular, using Dickinson...

This paper examines whether auditor-provided tax services affect stock price crash risk: an important consideration for stock investors. Provision of tax services by incumbent auditors could accentuate or attenuate crash risk depending on whether such services give rise to knowledge spillover or...

In this paper, we examine the relation between the readability of narrative disclosures in 10-K reports, and corporate liquidity and payout policies. We find that firms with less readable disclosures hold significantly more cash. We also find that this relation between readability and cash...

This paper examines empirically the effect of business cycle on fundamental and information uncertainties and whether this relationship accentuates or attenuates idiosyncratic stock volatility. Fundamental uncertainty refers to the uncertainty about firms' future cash flows and earnings, while...

This paper investigates the effect of customer concentration on corporate social responsibility (CSR) disclosures for a large sample of US firms. Using both corporate and government customer concentration, we find that firms with concentrated corporate customer are associated with significantly...

This study investigates the association between firm-level business strategy, and the readability of narrative disclosures in annual reports. Since business strategy affects the information environment and financial performance of firms, we expect the readability of narrative disclosures to vary...