We investigate how a borrower’s adverse climate-related incidents affect bank loan contracting. Using a sample of 2,622 publicly traded US firms over the period 2000–2016, we construct event-based measures of corporate climate performances based on firm-level adverse climate incidents such...

This paper explores the share price reaction to a recent news announcement that Canadian banks were adopting say-on-pay, a policy that gives shareholders an annual non-binding vote on executive compensation. Using event study methodology, the effect of adopting this new policy is explored and...

This paper explores valuation in the pharmaceutical industry. A valuation model that relates the market value of the firm to investments made by that firm is developed specifically for companies that sell patented drugs. As in much of the prior valuation literature, archival accounting data and...

The use of students as surrogates for managers in experiments is commonplace, yet the validity of this practice has not been established. This paper contributes to our understanding of the appropriateness of using student samples by replicating a manager-based experiment with students and...

Over time, accounting standards have moved towards presenting more items at fair value on the balance sheet. Consistent with this trend, IAS 36 permits an impairment loss on a long-lived asset to be reversed if the economic value of the asset recovers. This paper explores the implication of...

The purpose of this paper is to improve our understanding of the relationship between share price and accounting information. Much of the literature utilizes the earnings number to reflect firm value. However, the revenue number seems more relevant for high tech firms (Xu, Cai, & Leung, 2007),...

We study the pricing problem for a third-party-logistics (3PL) provider that provides warehousing and transportation services. When customers arrive at the 3PL provider, they specify the delivery dates for their freight, and before the specified delivery dates, their freight is stocked in the...

We examine the regulatory and capital-market effects of implementing a U.S. approach to the enforcement of mandatory disclosure in China. Using a hand-collected sample of comment letters (CLs) issued by the Shanghai Stock Exchange over the period 2013-2018, we show that price reactions to CL...