Legal liability claims against airlines and airplane manufacturers following an aviation disaster are determined through a myriad of international treaties, intercarrier agreements, and federal and state laws. Which law applies in a specific situation depends on various circumstances surrounding...

Hardly anything is known about how bond market participants react to insider stock trades. Our study attempts to fill this gap by analyzing the bond market reaction around insider transactions in U.S. firms during the period from 2002 to 2009. Our dataset covers 993 stock purchases and 6,562...

This paper investigates changes in company performance following timely versus delayed CEO resignations due to financial wrongdoings. A timely resignation is proactively pushed by the company, and a delayed resignation is driven by investigations initiated by the SEC or other regulatory...

This study examines whether and how family ownership enhances or damages firm value using a sample of Canadian companies listed on the Toronto Stock Exchange (TSX) between 1999 and 2007. Our results suggest that family companies are generally superior to non-family companies. In addition, we...

This study examines whether IPO disclosure requirements mandated by countries' securities laws are associated with variation in IPO underpricing in international IPO markets. Our empirical analysis uses a unique sample of 6,025 IPOs from 34 countries over the period from 1995 to 2002. We show...

We examine the relationship between IPO underpricing and litigation risk in an international setting using a sample of 13,759 firms that went public across 40 countries between 1991 and 2011. While the majority of single-country studies do not find support for the lawsuit avoidance hypothesis,...