In this paper, we investigate if dividend policy is influenced by ownership type. Within the dividend literature, dividends have a signaling role regarding agency costs, such that dividends may diminish insider conflicts (reduce free cash flow) or may be used to extract cash from firms...

This study tests the effects of cultural differences on the behaviour and performance of joint-ventures. We first study the relationship and predictions of two relevant theories, i.e., the theory about cultural diversity and that about cultural distance. After that, we apply the theories to...

In this paper, we investigate if dividend policy is influenced by ownership type. Within the dividend literature, dividends have a signaling role regarding agency costs, such that dividends may diminish insider conflicts (reduce free cash flow) or may be used to extract cash from firms...

During the most recent financial crisis, the economic difficulties, along with potentially high uncertainties associated with fair value estimates, increased the audit risks for bank auditors. We analyze a sample of U.S. public banks during the crisis (2008-2009) and after the crisis...

We investigate the changes in the value relevance of accounting information among Chinese firms over the past two decades, during which accounting reforms are launched to provide decision makers with increased disclosure and higher quality financial information. We also investigate the factors...

This paper examines the determinants of a company's choice of disclosure informativeness. The specific context is the disclosure of the value of stock options granted to the top executives under the SEC's Regulation S-K (Item 403). We show that firms with executives who are excessively paid,...

We present in this study a method for comparing the relative effectiveness of different non-profit institutions with similar objectives. In addition, we show how this measure of relative effectiveness is related theoretically to their relative efficiency. Finally, drawing on developments in data...

We investigate the impacts of cultural environment on mergers and acquisitions (M&A) in the U.S. To measure the cultural environment of a firm, we use several variables of cultural dimension widely adopted in the literature, such as the percentage of religious adherents and the percentage of...

This paper studies covered interest parity arbitrage violations in foreign exchange markets and their relationship with market liquidity using a novel and unique dataset of tick-by-tick firm quotes for all financial instruments involved in the arbitrage strategy. The statistical analysis reveals...

Using a unique dataset from the Chinese stock market that keeps track of daily number of shareholders, we find that ownership breadth (proxied by number of shareholders) is negatively related to stock price volatility. However, consistent with the previous literature on volatility-volume...