We develop and test hypotheses on the impact of target shareholders' investment style preferences on the method of payment and premiums in acquisitions. Stock offers (unlike cash offers) allow target shareholders to defer capital gains taxes. This deferral value, however, depends on target...

Almost 50 prominent business schools were "named" in the 1980s and 1990s, in exchange for sizable donations. We view this as an interesting example of the exhaustible resource market examined in Hotelling (1931). Schools face a trade-off that involves a possible benefit from waiting (to receive...

We use the unique economic, legal, and political landscape of China to examine the impact of auditors on the incidence of accounting fraud. In particular, we examine whether large audit firms reduce the incidence of financial statement fraud in China, an emerging market in which auditors face...