Governance improvement measures often demand more financial experts on corporate boards. Directors from the lending bank require particular attention because the conflicts of interest between shareholders and debtholders would be severe. Hence, we examine whether commercial banker directors work...

Did the masculinity-driven corporate culture of Wall Street change after the 2008 global financial crisis? According to the neuroendocrinology literature, the voice pitch of a male is an ‘honest signal' of his testosterone level that affects risk taking for social dominance. We use digitally...

Governance literature finds that the independent directors from the lending banks (CBDs) bring both financial expertise and conflict of interest between shareholders and debtholder. We examine how the presence of CBDs affects the implicit incentive of CEO turnover. Using BoardEx and DealScan...

Does an improvement in stock market liquidity cause the board of directors to become more short-term oriented? Improved liquidity may lead to enhanced market efficiency with more trading by informed blockholders (Maug, 1998). Hence, stock price would better reflect the fundamental values of the...

We argue that changes in the inheritance system affect incentives leading to sibling rivalry among descendants and therefore have a material impact on family firm performance. Using South Korea's 1991 inheritance law reform that stipulates the equal distribution of a deceased person's property...

Should a firm invest more in corporate social responsibility (CSR), such as philanthropic contributions (PC, hereafter), in response to negative public opinion about the company? Using textual analysis of one million news articles about the largest 100 firms in the US in terms of PC over...

How do investors respond to geopolitical risk events? The South Korean stock market gives an interesting testing ground because the nuclear weapons testing and military aggressions by its belligerent neighboring country, North Korea, are exogenous. Moreover, as North Korea has transitioned from...

Can textual analysis improve statistical prediction of risky geopolitical events? North Korea has been the most important source of geopolitical risk for South Korea due to the former's unpredictable and secretive military actions against the latter. We find that the tone of English language...

We investigate whether media attention systematically affects stock prices through the trading of individual investors by exploiting the substantial discrepancy between perceived and actual information content of 6,937 CEO interviews on CNBC. The average cumulative abnormal stock return over the...