This study addresses the empirical question, quot;Of what value are shareholder proposals sponsored by public pension funds?quot; and finds that the primary function of a proposal is to act as a signaling mechanism in alerting the market that management is unwilling or unable to negotiate a...

This study addresses the empirical question, quot;Of what value are shareholder proposals sponsored by public pension funds?quot; and finds that the primary function of a proposal is to act as a signaling mechanism in alerting the market that management is unwilling or unable to negotiate a...

A wealth transfer from bondholders to stockholders is one of several hypotheses used to explain stockholder gains on the announcement of a spin-off. However, previous empirical research has not found systematic evidence supporting the wealth expropriation hypothesis. Using a larger sample with...

The aim of this paper is to explore the efficacy of monitoring by the board of directors, and especially independent outside directors, in New Zealand. The Companies and Financial Reporting Acts of 1993 provide a unique opportunity to examine if legislation directly designed to increase the...

Motivated by failures of iconic corporate hallmarks like Enron and WorldCom, in July of 2002 the Sarbanes-Oxley Act was passed to prevent managerial misconduct and deceptive accounting in an effort to ensure incentives alignment between managers and shareholders. Whether the Act has been...

This paper examines the impact of labor union shareholder activism through the submission of shareholder proposals during 1988-2002. We examine the effect of labor union sponsored shareholder proposals on announcement period returns, on the corporate governance environment of the firm including...

We examine the impact of mispricing on corporate investments and its components: capital expenditures, research and development, acquisitions, and asset sales. By decomposing the market-to-book ratio into mispricing and growth components, we show that corporate investments are linked to...

This study is the first attempt to investigate both the linear and non-linear Granger causality between wavelet transformed spot and futures oil prices. Our findings consistently indicate bidirectional causality between the spot and futures oil markets at different time scales, under linear and...