Since 2014, a number of U.S. states have legalized business activities related to the production, distribution, and use of recreational cannabis. These activities remain illegal at the U.S. federal level, creating a dual regulatory environment. The uncertainty related to the enforcement of...

Purpose: This paper aims to investigate the effect that ownership structure (public vs private) has on the demand for high-quality auditors, specifically in the US banking industry. Design/methodology/approach: The authors predict that public banks are more likely to hire a high-quality auditor...

We examine how suppliers' relationship-specific cost structure decisions affect future performance. We argue that suppliers can avoid risk by choosing more flexible cost structures (less fixed-to-variable costs) or commit resources by choosing more rigid cost structures (more fixed-to-variable...

Earnings announcements are clustered in calendar time and such clusters, referred to as earnings seasons, are characterized by intense arrival of information from firms in an industry. The news arrives not only from earnings announcement by the firm, announced news, but also from pre-emptive...

This study examines internal capital market inefficiencies and U.S. multinational firms' return of capital to shareholders. Using dividends and repurchases to measure the return of capital, we first document a difference in the relations between shareholder payouts and cash held either...