The recent market turmoil has brought attention to how deregulation of the financial sector affects risk. The purpose of our study is to examine the market's perception of risk associated with deregulation. We accomplish this by decomposing security risk around deregulation into idiosyncratic...

This paper examines the market penalties extracted by shareholders against firms that are alleged to have violated securities laws within the US. Using a sample of private securities class action cases brought against foreign firms that cross-list on the major US exchanges, this paper examines...

We study how home-market reporting requirements and listing choices associate with ongoing SEC disclosures by foreign firms and the investor response. The SEC defers material event and interim financial disclosure obligations to foreign firms' home market regulator or exchange. We find a growing...

We test whether geographical location, audit quality and equity offering play a role in the earnings quality of Reverse Merger (RM) firms. We provide evidence that, contrary to the popular focus by the business press, earnings management happens in both U.S. and international RM companies. We...

Using a hand-collected novel dataset, we provide the first in-depth study of solicitations exempt from proxy filing requirements. Our findings indicate that proxy exempt solicitations (ES) are an effective, lower-cost alternative to proxy contests. They provide a unique, more flexible way for...

This study uses a novel dataset to analyze proxy exempt solicitations (ES) as a means of shareholder communication outside formal proxy rules. The results indicate that ES can effectively reveal widespread views and are accessed by investors and investment banks at high rates. The market reacts...