In Australia, research companies play an important role in determining the placement of investments in the unit trust sector (analogous to mutual funds in the U.S.) through their ?approved lists? of funds that they consider to be of high quality. Individual investors rely heavily on the advice...

The relationship between dividends and corporate governance in five East Asian countries over the period 1994-2003, comparing the outcome and substitute models, is investigated. Evidence of a pre-crisis negative relationship between dividends and governance indicates that dividends act as a...

We investigate the incentives that misvaluation creates for: (1) insider trading; and (2) concurrent earnings management through both accruals and real activities. Managers of overvalued firms have an incentive to sustain overvaluation through income increasing earnings management and, at the...

This paper analyzes the relationship between earnings management and insider trading, specifically investigating whether discretionary accruals are related to insider trading and valuation. We find strong evidence of insiders managing earnings downward when buying and managing earnings upward...

This study extends the literature on the relationship between recent performance and the movement of managed funds' assets by investigating the effects of fund size and age. The results confirm a size effect, as well as an age effect. Tests distinguishing between the two favor a size rather than...