We investigate a pervasive voluntary disclosure practice ? managers including balance sheets with quarterly earnings announcements. Consistent with expectations, we find that managers voluntarily disclose balance sheets when current earnings are relatively less informative, or when future...

Under the assumption that capital markets are imperfect due to transactions costs and investor-manager information asymmetries, internally generated funds should be less costly than funds raised by issuing shares (Myers and Majluf 1984). This suggests that the mix of firms' sources of...

We study whether bestowing CEO and chairman duties on one individual affects a board's decision to dismiss an ineffective CEO. The results show that the sensitivity of CEO turnover to firm performance is significantly lower when the CEO and chairman responsibilities are vested in the same...

We study whether bestowing CEO and chairman duties on one individual affects a board's decision to dismiss an ineffective CEO. The results show that the sensitivity of CEO turnover to firm performance is significantly lower when the CEO and chairman responsibilities are vested in the same...

We find evidence that performance — reflected in earnings and cash flows — is transferred from targets to acquirers around acquisitions. Using a sample of 2,128 completed deals from 1985-2010, our results suggest that targets depress performance when investor attention declines once the deal...

We investigate the impact of founding family ownership on accounting conservatism. Family ownership is characterized by large, under-diversified equity stake and long investment horizon. These features give family owners both the incentives and the ability to implement conservative financial...

Appendix is available at: "https://ssrn.com/abstract=3182601" https://ssrn.com/abstract=3182601We study whether, and more importantly, through what mechanisms, quasi-indexers affect portfolio firms' tax planning by employing the discontinuity in quasi-indexer ownership around the Russell...

We investigate the impact of founding family ownership on accounting conservatism. Family ownership is characterized by large, under-diversified equity stake and long investment horizon. These features give family owners both the incentives and the ability to implement conservative financial...

We examine the voluntary disclosure practices of family firms. We find that, compared to non-family firms, family firms provide fewer earnings forecasts and conference calls, but more earnings warnings. Whereas the former is consistent with family owners having a longer investment horizon,...