This paper examines whether and how inside ownership mediates the relation between disclosure quality and the cost of capital. Both ownership and more transparent reporting have the potential to align incentives between managers and investors thereby reducing systematic risk. Employing a large...

In the wake of the global financial crisis, attention has often focused on whether incentives generated by bank executives' compensation programs led to excessive risk-taking. Post-crisis, compensation reform proposals have taken broadly three approaches: long-term deferred equity incentive...

China has enacted a number of company law statutes since the early 1990s. These demonstrate a commitment to the adoption of the corporate form as a vehicle for business activity. In the 1993 and 2005 Company Laws, and in numerous amendments to these Laws, Chinese legislators have shown that they...

In the wake of the global financial crisis, the need for systemic risk mitigation in the shadow banking system is resoundingly evident. The task at hand is incomplete, leaving grey areas such as hedge funds obfuscated. I contend it is both timely and relevant to revisit hedge fund regulatory...

This study re-examines the theory of legal origin on the basis of a new longitudinal dataset on creditor protection for four OECD countries over a long time span 1970-2005. It observes that civil law countries (France and Germany) provided a higher level of protection to creditors on the issue...

Conceptions of publicness and privateness have been central to U.S. federal securities regulation since its inception. The regulatory boundary between public offerings and private placement transactions is a basic building block among the varied legal aspects of corporate finance. Along the same...

This paper examines whether and how inside ownership mediates the relation between disclosure quality and the cost of capital. Both ownership and more transparent reporting have the potential to align incentives between managers and investors thereby reducing systematic risk. Employing a large...

Today, the topic of corporate governance has become vital for the most researches and scientific controversies. The corporate governance is now playing a key role in economic and social development of a country, and it has began to significantly matter for both industrialized and most of the...

This study investigates how controlling shareholders fraudulently extracted firm value via cash tunnelling from Chinese companies from 1998 to 2011. The evidence suggests that expropriating owners choose a balance sheet account that is not directly related to the firm's operating business in...