From 2009 to 2010, 98 percent of Google's and 99 percent of Oracle's subsidiaries disappeared from the Exhibit 21s filed with their SEC Form 10Ks. However, a March 2012 search of available public company registries revealed that at least 65 percent of the missing subsidiaries remained active as...

This paper provides evidence that uncontested director elections provide informative polls of investor perceptions regarding board performance. We find that higher (lower) vote approval is associated with lower (higher) stock price reactions to subsequent announcements of management turnovers....

This paper examines whether mandatory corporate social responsibility (CSR) reporting affects corporate environmental degradation (or pollution) levels in China. Starting in 2008, Chinese stock exchange listing requirements mandated that certain firms issue CSR reports. These mandated firms are...

This paper investigates the usage, determinants and earnings effect of special purpose entities based on a large sample of firms from 1994 to 2004. We find that SPE use has grown substantially in recent years and that the number of SPEs is related to economic motivations, financial reporting...

We seek to document errors that could affect studies of earnings management. The case of earnings management in response to the book income adjustment (BIA) of the alternative minimum tax (AMT) offers a unique laboratory because the incentives to manage book income downward in 1987 appear so...

We examine the value to U.S. multinational firms of shifting income from high- to low-tax jurisdictions. Such shifting is common and sizable, yet the shareholder consequences are heretofore unknown. Using a novel income shifting measure and identification strategy from Demeré and Gramlich...

We study whether board gender diversity (BGD) affects corporate risk strategies. Specifically, we investigate the association between BGD and firms' reputation risk and financial risk. Using S&P data from 1997 to 2013, we find that BGD is negatively associated with tax avoidance, suggesting...