Adoption of voluntary clawback provisions has been on the increase since 2002 with the passage of the Sarbanes-Oxley Act. Existing studies, in general, have documented positive outcomes associated with the adoption. Most of these studies examine the adoption from the angles of financial...

We examine whether a firm's composition of its institutional ownership affects its likelihood of disclosing material weaknesses in its internal control system under SOX 302 and 404 and, hence, its post-disclosure firm performance. The findings indicate that dedicated institutional investors...

Using a sample of firms that disclose internal control material weaknesses under Sections 302 and 404 of the Sarbanes-Oxley Act, we investigate the relations between the accuracy and bias of financial analysts' earnings forecasts and disclosed internal control material weaknesses. We find that...

“Clawback Provisions” are corporate governance mechanisms intended to reduce managers' opportunistic behavior. Voluntary clawback provisions have been associated with many positive consequences in extant literature. A causal relation has been used to explain this association. However,...

This paper empirically examines the efficacy of the 2008 short-sale ban. We find that the firms covered by the ban experience positive abnormal returns at the ban initiation. When the ban expires, small banks, medium/large banks, and brokerage firms continue to experience positive abnormal...

We examine the determinants and consequences of price clustering. Real estate list and transaction prices exhibit two price-ending characteristics: even (000-ending) and just-below-even (900-ending). The use of even-ending prices is negatively related to the precision of the price estimates and...

We use our numerical technique to explore the optimality of risk-taking under financial distress. In our model, cash reserves are represented by a Brownian processes that includes an innovation parameter. When this innovation parameter goes to zero, our results show that risk-taking is optimal...

We examine, for various educational characteristics of hedge fund managers, the performance profile of hedge fund portfolios along their managers' professional experience path. We find that during the initial years following their graduation, hedge fund managers who majored in business or...

We model CEO and director compensation using firm characteristics, CEO characteristics, and governance variables. We find that director compensation is related to variables that proxy for the level of monitoring and effort required by directors. After controlling for monitoring proxies, we find...