We focus on management earnings forecasts following debt covenant violations and examine managers’ strategic communication with bank lenders during private loan renegotiations. While the incomplete contracting theory emphasizes the importance of renegotiation following a decline in...

An advisor post is one of the most important CEO's post-retirement careers. Using unique hand-collected data on advisor posts in Japanese listed firms, we examine whether retiring CEOs overstate earnings to acquire an advisor post. Consistent with the horizon problem, we find that earnings...

We examine whether firm compliance with the corporate governance reforms is associated with enhanced effectiveness of corporate governance in practice. Past literature has cast doubts on the efficacy of the “one-size-fits-all” approach and pointed out the possibility of in-form compliance,...

We examine the impact of the proxy voting guidelines of the Institutional Shareholder Services (ISS) on managers' opportunistic reporting behaviors. In January 2015, the ISS introduced a new advisory guideline based on firms' return on equity (ROE), and started to recommend that shareholders...