Do 13D investors incentivize CEOs to increase total firm value or to increase only equity value? By using the hand-collected data of 5,775 U.S. public companies between 2006 and 2017, my paper documents evidence that these active blockholders restructure CEO compensation in a way that benefits...

Prior literature shows that financial disclosures and corporate governance both impact firm performance. This paper documents an important topic that has been overlooked in the prior literature, their joint effect, because the two mechanisms could be independent, substitutive, or complementary...

We investigate the impact of fraud risk - measured by the probability for earnings overstatements - on a firm's future stock market performance. Based on an out-of-sample estimation of individual firms' fraud risk, we find that stocks with higher fraud risk earn significantly lower stock market...

This paper investigates whether and how CEO acquisition-selectivity skill differences have significant cross-sectional effects on firm value. We document that CEO acquisition-selectivity skill and firm performance are diverse in the cross-section of acquiring firms. CEOs with low...

This study examines whether the interaction of corporate managerial attributes and the amount of private information in stock prices exerts significant effects on the sensitivity of mergers and acquisitions (M&As) and the performance of acquiring firms. We find the heterogeneity in firms’ M&A...

This paper investigates the role of top management and board interlocks between acquirers and targets. I hypothesize that an interlock may exacerbate agency problems due to conflicting interests and lead to value-decreasing acquisition. An interlock may also serve as a conduit of information and...