Prior research on the impact of REIT ownership on property performance is very limited and provides inconclusive empirical evidence. Whether REITs add value at the microlevel remains a puzzle. Utilizing a dataset of detailed accounting information for individual hotels across 5 US states, we...

In May 1997, the Japanese Commercial Code was amended to allow firms to begin granting stock options as compensation to top management and employees. Nearly 350 firms adopted option-based compensation plans between 1997 and 2001. These options typically have five year lives and are...

This paper tests whether financial constraints play a disciplinary role in cash dissipation in the presence of agency problems. We hypothesize that when firms have difficulty raising external funds, empire-building managers of cash-rich firms will be less likely to spend cash on negative NPV...

We examine firm characteristics of early adoption of international financial reporting standards (IFRS) including company's value, business complexity, corporate governance characteristics, and national levels of bureaucratic formalities in business. Because early adopters benefit from a...

I examine the reputation and regulatory effects on the directors' turnover and their directorships when firms are accused of fraudulent financial reporting (FR). The results show that the directors at FR firms incur reputation costs from abnormal turnover in relation to the directors at non-FR...

I examine CEOs' and CFOs' forced resignations after violations of the Foreign Corruption Practices Act (FCPA). My findings show that firms that adhere to the FCPA (FCPA firms) discipline CEOs and CFOs after violations of the act. Further, CEOs and CFOs are likely to resign after the SEC...

A firm meets or beats expectations when it reports earnings that are at or above the consensus analysts' forecast. We argue that two types of firms MBE: strong firms who commit to future performance and signal future earnings by MBE, and weak firms who attempt to mimic strong firms by managing...