We document a positive effect of monitoring institutional ownership on firm innovation after controlling for traditional measures of institutional ownership. We further find that monitoring institutions enhance firm innovation by: 1) incentivizing CEO risk-taking and reducing intense board...

Despite the growing importance of institutional investors in global capital markets and the link between bank earnings management and financial crash risk, little is known about institutional investors' role in mitigating bank earnings management. We conduct the first international analysis of...

This paper compares board determinants of publicly-traded and privately-owned property-liability insurance firms and the impact of the Sarbanes-Oxley Act (SOX) on board structure of those firms. Although regulation imposes severe constraints on board structure of insurance firms, we find strong...

CEO duality is a contentious issue driving much debate amongst regulators and business leaders. It is also an aspect of corporate governance, to which insurance companies have made significant changes in recent years. Despite its significance, we know little about the determinants of CEO duality...

This paper studies the drivers behind the monitoring effectiveness of institutional investors in curbing earnings management in an international setting. We identify three distinct drivers and propose two competing hypotheses: the hometown advantage hypothesis predicts that because of proximity...

This paper studies whether institutional investors influence corporate environmental, social, and governance (ESG) policies and the impact of such influence on firm performance. We use facility-level toxic release data to proxy for a firm's ESG policies. We use geographic distance and the size...

This paper investigates macroprudential policies and their role in containing systemic risk in China. It shows that China faces systemic risk in both the time (procyclicality) and cross-sectional (contagion) dimensions. The former is reflected as credit and asset price risks, while the latter is...

Purpose The purpose of this paper is to develop a quantitative risk assessment method for agricultural products cold chain logistics to assess the condition of the fresh agricultural products cold chain process objectively and accurately. Design/methodology/approach A risk assessment index...

This study examines the relation between employee incentives and corporate innovation. We find that firms with a higher defined benefit (DB) pension value secure more patents and patent citations. We further show that pension freezes, which stop the accumulation of pension obligations,...

We revisit the Armington model developed by Feenstra et al. (2018) that allows the elasticity of substitution between the domestic and foreign varieties to be different from that between alternative foreign varieties. We develop a novel two-stage gravity-based framework to estimate these two...