We find that clawback provision adoption travels across common ownership peers (i.e., firms that share at least one common owner) above and beyond other peer effects, including industry, geographical location, and board interlock. However, the peer effect is absent when the common owner is not...

We find that the offer price of a private investment in public equity (PIPE) is lower than the prevailing market price (i.e., large discount) when the tax rate on investors’ capital gains is high. Using unique data on PIPE investor identities (which are not available for initial public...

We find that dividend paying firms exhibit better corporate social responsibility (CSR) performance in the following year than non-paying firms. We find that this relation can be explained by stakeholder relationship management through CSR, as dividend payout reflects the shareholder-stakeholder...

Using corporate site visit (CSV) data from 2009 to 2016, we find that the frequency of corporate site visits is positively related to management forecast accuracy. The positive relationship between corporate site visits and forecast accuracy is stronger when visitors have greater expertise and...

We investigate the role of financial reporting quality (FRQ) in private placements by examining whether FRQ affects the outcomes of private investment in public equity (PIPE) offerings. We find that PIPE issuers with higher FRQ enjoy a lower PIPE discount. We also find that firms with higher FRQ...

We find that a firm’s stock price drops when its compensation peer firm announces a severe say-on-pay voting failure. This price drop causes a reduction in the focal firm CEO’s pay in the following period. The effect on CEO pay is stronger when the board of directors is more powerful, when...