We analyze the effect of external financing concerns on managers' financial reporting behavior prior to management buyouts (MBOs). Prior studies hypothesize that managers intending to undertake an MBO have an incentive to manage earnings downward to reduce the purchase price. We hypothesize that...

Research in sociology and ethics suggests that individuals adhere to social norms of behavior established by their peers. Within an agency framework, we model endogenous social norms by assuming each agent's cost of implementing an action depends on the social norm for that action, defined to be...

We analyze the effect of external financing concerns on managers' financial reporting behavior prior to management buyouts (MBOs). Prior studies hypothesize that managers intending to undertake an MBO have an incentive to manage earnings downward to reduce the purchase price. We hypothesize that...

Research in sociology and ethics suggests that individuals adhere to social norms of behavior established by their peers. Within an agency framework, we model endogenous social norms by assuming each agent's cost of implementing an action depends on the social norm for that action, defined to be...

Many argue that uncontested director elections are meaningless because director nominees are almost surely elected. We assess whether the outcomes of uncontested director elections still serve as an informative poll of investor perceptions regarding board performance. We find that higher (lower)...

The California Department of Transportation (Caltrans) replaced about 5 kilometers (total 20 lane-kilometers) of concrete pavement on Interstate 15 in Devore, California. The I-15 Devore II rehabilitation project was completed in six weekend closures with around-the-clock construction in early...

The Bank of Korea is strengthening its ability to identify risk factors at an early stage by monitoring the basis of macroprudential conditions. Through its Financial Stability Report, a semi-annual statutory report, the Bank assesses macroprudential conditions, delivers early warnings, and...