We investigate the effect of executives and directors with prior banking crisis experience on bank outcomes around the global financial crisis (GFC). Banks led by individuals with previous experience leading banks through a bank crisis may have been uniquely able to understand the risks,...

As algorithmic trading (AT) has become a dominant component in financial markets, it is important to understand its benefits and costs. We find that AT is positively related to future stock price crash risk and managers’ bad news hoarding behavior. Additional analyses show that the effect of...

Using a natural experiment (the SEC's 2016 Tick Size Pilot Program), we investigate the effects of an increase in tick size on financial reporting quality. The tick size pilot program reduces algorithmic trading (AT) and increases fundamental investors’ information acquisition and trading...

The Sarbanes-Oxley Act (SOX) was intended to protect investors by improving the accuracy and reliability of corporate disclosures. However, critics have argued that the costs of SOX far outweigh its intended benefits. Prior studies based on stock-price reactions to SOX-related events document...