This paper examines and compares the dividend policies of American depository receipt (ADR) firms and U.S. firms and identifies the factors that determine these policies for both types of companies. We find that ADR firms have higher dividend yields than U.S. firms, while U.S. firms have higher...

We investigate how independent directors view corporate social responsibility (CSR). Exploiting the passage of the Sarbanes-Oxley Act (SOX) and the associated exchange listing requirements as an exogenous regulatory shock, we document that independent directors view CSR activities unfavorably....

Motivated by agency theory, we investigate the effect of board size on corporate outcomes. To address endogeneity, we exploit the variations in the director-age populations across the states in the U.S. We argue that firms with access to a larger pool of potential directors tend to have larger...

This Discussion Paper shows that the demand for imported dairy products will continue to be strong in Mexico, especially after the 2001-2002 recession ends. However, Mexico's dairy markets have matured under the NAFTA. As part of the maturity, a larger number of strong domestic firms have...

This paper discusses statistical analyses of the effect of reductions in opening hours on book issues of public library authorities (PLAs). Monthly issue statistics over a three‐ to four‐year period for twenty‐six libraries in four PLAs (Sheffield, Ealing, Hereford and Worcester, and...

Purpose: This paper aims to explore the effect of corporate social responsibility (CSR) on shareholder value using the stock market reactions to a terrorist attack. This paper exploits the September 11 terrorist attack as an unanticipated exogenous shock that reduced shareholder wealth suddenly...